Stock prices of New India Assurance and General Insurance shoot up

14 Dec 2022 , 01:07 PM

In Wednesday’s intraday trading, shares of state-owned general insurance companies New India Assurance Company and General Insurance Corporation of India (GIC Re) rose to 12% amid high activity. At 12:10 PM, the S&P BSE Sensex was up 0.39 % at 62,778, in contrast.

Individually, GIC Re shares increased 11% to reach a 52-week high of Rs 162.90 a share. The stock also increased over its previous high of Rs. 153, which it had reached on November 29, 2022. Around 7.8 million shares were traded on the NSE and BSE, doubling the counter’s daily trading volume.

A four-fold increase in trading volumes, with around 11 million shares changing hands on the NSE and BSE, helped the shares of the New India Assurance Company surge 12% to Rs 126.25. Shares of NIA Company (up 30%) and GIC Re (up 18%) beat the S&P BSE Sensex, which gained less than 2% over the course of the preceding month.

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