Zero-Debt Burden Insurance Stock Rises 8.14% Despite Decline In Q2 Net Profit

Zero-debt burden company from the insurance sector, General Insurance Corporation of India Ltd shares witnessed a rally of 8.14% intraday today on BSE to Rs 243.05 per share despite reporting decline in Q2 FY24 net profit. General Insurance shares soared 76% in last 1-year and rose 91% in last 3-years. Check details below:

General Insurance Corporation Stock Performance & Return: The stock's 52-week high price is Rs 245.40 per share and 52-week low price is Rs 127.80 per share, respectively. The company has a market capitalisation of Rs 42,614.38 crore. General Insurance shares soared 39% in last 6-months, gained 69% in last 2-years, and offered return of 91% in last 3-years. In last 5-years, General Insurance shares declined 21%.

General Insurance Corporation Q2 FY24 Results: The company on November 9 recorded Profit Before Tax of Rs 2,782.78 crore for the half year ended 30.09.2023 as compared to Profit Before Tax of Rs 3,450.08 crore for the half year ended 30.09.2022. It announced its profit after tax for the half year ended 30.09.2023 at Rs 2,336.87 crore as compared to Profit After Tax of Rs 2,549.65 crore for the half year ended 30.09.2022. Its total assets are Rs 1,67,640.89 crore as on 30.09.2023 as compared to Rs 1,53,384.76 crore as on 30.09.2022, according to its BSE filing. It announced its EPS at Rs 9.69 for Q2 FY24, down 23.6% Y-o-Y.

General Insurance About: General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares. GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance.