/Buy Max Financial Services, target price Rs 765: Edelweiss

Buy Max Financial Services, target price Rs 765: Edelweiss

Edelweiss has buy call on Max Financial Services with a target price of Rs 765. The current market price of Max Financial Services Ltd. is Rs 711.1.

Max Financial Services Ltd., incorporated in the year 1988, is a Mid Cap company (having a market cap of Rs 24583.57 Crore) operating in Financial Services sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 7019.85 Crore, up 27.53 % from last quarter Sales of Rs 5504.61 Crore and up 49.81 % from last year same quarter Sales of Rs 4685.87 Crore Company reported net profit after tax of Rs 81.06 Crore in latest quarter.

Investment Rationale
MFSL has bounced back after taking support near the 20-day EMA. Also, this bounceback has ensured that short positions are trapped at lower levels. Short covering could bring another spurt in prices, which could test levels of Rs 750-760.

Promoter/FII Holdings
Promoters held 28.3 per cent stake in the company as of June 30, 2020, while FIIs held 30.5 per cent, DIIs 28.7 per cent and public and others 12.5 per cent.

Let’s block ads! (Why?)

Markets-Economic Times