New India Assurance Company Limited (NSE:NIACL), India’s largest non-life insurance company, saw its stock price soar 19% on Friday, November 24, 2023. The stock closed at ₹207.75, its highest level in 52 weeks.
The sharp rise in the stock price was attributed to the company’s announcement that it will hold a conference call on November 29, 2023, to discuss its financial performance for the September 2023 quarter and the April-September 2023 half-year.
The stock opened at ₹174.85 on the Bombay Stock Exchange (BSE) and quickly rose to ₹207.75, hitting its 52-week high. The stock’s upper circuit is ₹209.40, which would trigger an automatic sell-off if the price reaches that level. The stock’s 52-week low is ₹94.15.
On the National Stock Exchange (NSE), the stock opened at ₹176 and also hit its 52-week high of ₹208. The upper circuit on the NSE is ₹209, which would also trigger an automatic sell-off. The stock’s 52-week low on the NSE is ₹94.60.
In the past five trading sessions, New India Assurance’s stock has risen 36%. In the past month, it has risen about 28%, and in the past six months, it has risen about 47%.
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New India Assurance History
New India Assurance was founded in 1919 by Sir Dorabji Tata. It was nationalized in 1973 and became a government-owned insurance company. The company currently operates in 25 countries and has over 1,900 offices in India.
Analysts believe that the recent surge in the stock price is due to the company’s strong financial performance. Analysts expect New India Assurance to continue to perform well in the coming quarters. The company is benefiting from the growing demand for insurance in India, as well as the government’s focus on promoting financial inclusion.
Disclaimer: The stock market is subject to risk. Do verify and research the stocks on your own for more clarity. This article is just for informational purposes
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