General Insurance Corp Shares Soar Over 15% After Q3 Net Profit Jump

Shares of General Insurance Corp. rose on Thursday after its profit jumped in the the third quarter.

The company's net profit surged 16.8% year-on-year to Rs 1,438.8 crore in the quarter ended December, according to an exchange filing.

However, revenue fell 10.1% to Rs 7,780.2 crore.

• Revenue down 10.1% at Rs 7,780.2 crore.

• Net profit up 16.8% at Rs 1,438.8 crore.

• Solvency ratio at 2.94 vs 2.38.

Shares of the insurer rose as much as 15.81% before paring gains to trade 12.89% higher at 11:18 a.m., compared to a 0.82% decline in the NSE Nifty 50.

The stock has risen 185.80% in the last 12 months. Total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 78, indicating it was overbought.

Of the five analysts tracking the company, two maintain a 'buy' rating and three suggest a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 190.5%.