Shares in Max India Ltd, a diversified group with interests in hospitals and life insurance businesses, rose in morning trade after the company announced it had sold its unit that makes polypropylene film to Germany’s Treofan for Rs 540 crore.
At 9:30 am, the stock was up 1 percent on the BSE at Rs192 while the Sensex was trading 0.14 percent lower at 17741.
Max Speciality Films has an output capacity of about 50,000 tons per annum of film which is used by food packaging, consumer products and textile companies, the company said.
Max India, which has a market value of over $836 million, said it would focus on its main businesses of healthcare services, clinical research and life and health insurance.
With inputs from Agencies