Shares in Max India gained as much as 5 per cent to an intraday high of Rs. 462 on Saturday after Finance Minister increased the income tax deduction limit on health insurance.
The government increased the income tax deduction limit on health insurance to Rs. 25,000 from Rs. 15,000 now. For the senior citizens the limit has been hiked to Rs. 30,000.
Analysts say this will help boosting the health insurance sales in the country.
Max India provides health insurance services under the name Max Bupa Health Insurance, which is a joint venture between Max India and the UK based healthcare services expert, Bupa.
Max India shares closed 4.4 per cent higher at Rs. 459.70 apiece, outperforming the broader Nifty, which closed with 0.65 per cent gains.