 "FDI in Insurance: Max India gains 4%")
Max India has rallied 4% to Rs 400 in early morning deal on the Bombay Stock Exchange (BSE), 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 Insurance Laws (Amendment) Bill, 2008, proposes to increase FDI limit in the insurance sector to 49% from the existing 26%.
The approval to hike the FDI limit from the current 26%, a proposal which has been pending since 2008, is expected to attract long term capital, besides improving the overall investment climate, PTI report suggests.
Once the Insurance Bill is passed, the foreign investment ceiling in pension sector too would increase to 49%, added the report.
The stock opened at Rs 398 and touched a high of Rs 402 on BSE. A combined 300,983 shares changed hands on the counter till 1000 hours on BSE and NSE.
The Insurance Laws (Amendment) Bill, 2008, proposes to increase FDI limit in the insurance sector to 49% from the existing 26%.
The approval to hike the FDI limit from the current 26%, a proposal which has been pending since 2008, is expected to attract long term capital, besides improving the overall investment climate, PTI report suggests.
Once the Insurance Bill is passed, the foreign investment ceiling in pension sector too would increase to 49%, added the report.
The stock opened at Rs 398 and touched a high of Rs 402 on BSE. A combined 300,983 shares changed hands on the counter till 1000 hours on BSE and NSE.