 "Max India extends rally on heavy volumes")
Shares of Max India has moved higher by 6% to Rs 412, extending its previous day’s 1% gain on NSE, after the Parliamentary Select Committee gave its recommendations on amendments to the Insurance Act that seek to raise foreign direct investment (FDI) cap to 49%.
The stock opened at Rs 392 and touched a high of Rs 424 on NSE. The trading volumes on the counter more than doubled with a combined 1.63 million shares changed hands till 1137 hours on NSE and BSE.
Reliance Capital (up 2.4% at Rs 528), Exide Industries (up 1.5% at Rs 174) and Aditya Birla Nuvo (1% at Rs 1,741) are among other insurance related companies too trading higher by more than 1% each compared to 0.08% rise in the benchmark CNX Nifty.
The Insurance Laws (Amendment) Bill, 2008, proposes to increase FDI limit in the insurance sector to 49% from the existing 26%.
The stock opened at Rs 392 and touched a high of Rs 424 on NSE. The trading volumes on the counter more than doubled with a combined 1.63 million shares changed hands till 1137 hours on NSE and BSE.
Reliance Capital (up 2.4% at Rs 528), Exide Industries (up 1.5% at Rs 174) and Aditya Birla Nuvo (1% at Rs 1,741) are among other insurance related companies too trading higher by more than 1% each compared to 0.08% rise in the benchmark CNX Nifty.
The Insurance Laws (Amendment) Bill, 2008, proposes to increase FDI limit in the insurance sector to 49% from the existing 26%.