New India Assurance Company hit 52-week high, lead BSE Midcap gainers

Following a muted start to the trading session, benchmark indices experienced a notable downturn, primarily attributed to declines in the banking, financial services, utilities, and power sectors. Interestingly, these sectors had emerged as top gainers in the previous trading session. Conversely, the broader market indices displayed noteworthy resilience, with the BSE Midcap index registering a gain of approximately 0.50%, and the BSE Smallcap index advancing by 0.20%.

Company’s Stellar Performance  

Amidst a mixed market sentiment, the New India Assurance Company Ltd stood out as the top gainer on the BSE Midcap index, drawing the attention of investors with its strong uptrend. During Thursday’s intraday trading, shares of New India Assurance Company surged by over 9%, reaching a 52-week high of Rs 253.85 per share on the BSE.

The stock has demonstrated a robust rally, experiencing a remarkable 80% surge in just one month and consistently achieving consecutive highs. Over the past year, investors have enjoyed substantial returns, with the shares delivering around 130% gains.

About the company 

Founded by Sir Dorabji Tata in 1919, the New India Assurance Company Ltd has been dedicated to ensuring the well-being of the people of India from its inception. Currently, as a multinational general insurance company, it has expanded its operations to 25 countries, reflecting its global footprint and commitment to providing insurance services on an international scale. The company boasts a well-diversified product portfolio encompassing motor insurance, health insurance, travel insurance, rural insurance, marine insurance, and various other offerings.

For the quarter ending June 30, 2023, the profit after tax of the company has more than doubled, reaching Rs 260 crore compared to Rs 119 crore for the corresponding quarter last year. This remarkable performance signifies a substantial growth of 118.5%.

Keep a close eye on this stock for the upcoming trading sessions.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.