Meanwhile, the BSE Sensex was down 15.73 points, or 0.09%, to 17,358.11.
On BSE, 89,000 shares were traded in the counter as against an average daily volume of 2.48 lakh shares in the past one quarter.
The stock hit a high of Rs 200.90 and a low of Rs 195 so far during the day. The stock had hit a 52-week high of Rs 214.75 on 20 September 2011. The stock had hit a 52-week low of Rs 140.10 on 30 December 2011.
The stock had outperformed the market over the past one month until 20 April 2012, rising 11.30% compared with the Sensex`s 0.33% rise. The scrip had also outperformed the market in past one quarter, rising 24.36% as against 3.79% rise in the Sensex.
The mid-cap company has an equity capital of Rs 52.91 crore. Face value per share is Rs 2.
Max India is reportedly in advanced negotiations with at least two overseas firms in Europe and the United States to sell its polypropylene films business. Report suggested that the two-stage deal under consideration involves divestment of majority stake in the first phase, followed by sale of the residual stake later at a pre-determined price.
According to the report, the transaction is expected to close sometime this quarter.
The polypropylene business is expected to have contributed about Rs 700 crore in revenue in the year ended March 2012, the report said.
Max India reported net loss of Rs 1.91 crore in Q3 December 2011, lower than the net loss of Rs 6.85 crore in Q3 December 2010. Net sales rose 51% to Rs 169.54 crore in Q3 December 2011 over Q3 December 2010.
Max India operates in the insurance and health industry. The company, through its subsidiaries and joint ventures, provides life insurance and health insurance products as well as healthcare services. Max India also manufactures a range of barrier and packaging films.
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