General Insurance Corp Shares Soar Over 15% After Q3 Net Profit Jump
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.
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.
General Insurance Corp. Q3 Highlights (Consolidated, YoY)
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%.
