Shares of Max Financial decrease by 3% on news of a block deal.

The news that more than 2% of equity was transferred in a block sale caused the share price of Max Financial Services to drop by about 3% today. The transaction cost 471 crore. In comparison to the previous BSE close of Rs 699.45, Max Financial shares decreased 2.75% to Rs 680.15.

The company's market value decreased to Rs 23,8632 crore. The shares initially began lower at Rs 687.50. Compared to the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, Max Financial stock is currently trading lower.

The price of Max Financial's stock fell 28.38% in a year and 29.31% in 2022. On January 11, 2022, the stock reached a 52-week high of Rs. 1081, and on November 23, 2022, it reached a 52-week low of Rs. 627.80.

A total of 12.57 lakh shares of the company were traded, resulting in a BSE turnover of Rs 85.89 crore. The last two sessions have seen a decline in Max Financial stock.

With a target price of Rs 930, Emkay Global is optimistic on the Max Financial stock at the moment.

When the call was made, the closing price was Rs 706.4 on December 14. According to that price, there was a 31.72% upside.

The company's shares have significantly underperformed the larger market and rivals as a result of the twin blows of declining growth and postponed structure simplification, including the delay and penalty from the regulatory end. Shares of the company are currently trading at an FY24E P/EV of 1.6x, which gives a strong franchise very little structural value (implied 6x FY25 VNB). According to the brokerage's opinion, Max Financial's share price should experience sustained re-rating as it advances in structure simplification and experiences growth revival. said Emkay Global.

In the September quarter, the company's net profit increased by 29% to Rs 51.29 crore from Rs 39.63 crore in the equivalent quarter of the previous fiscal.

Sales in Q2 were flat at Rs 9316 crore compared to Rs 9325 crore in the same quarter of the previous year.

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