General Insurance Corporation stock has rallied over 75 percent year-to-date, outperforming benchmark Nifty 50 which has risen 15 percent during this period.
State-Run Insurers Rally For Second Session On Privatisation Report State-run insurers - New India Assurance and General Insurance Corporation of India or GIC Re, hit the 20 per cent upper circuit on privatisation reports.
Updated: February 20, 2021 10:32 am IST
On the BSE, shares of New India Assurance were last trading 11.81 per cent higher at Rs 183.60
Shares of two listed state-owned insurance companies, General Insurance Corporation of India or GIC Re and New India Assurance rallied as much as 20 per cent for the second straight session after a surge in state-run banks on privatisation buzz. On February 1, while presenting Budget 2021, Finance Minister Nirmala Sitharman had also announced that the government will privatise four banks as well as an insurance company. General Insurance Corporation and New India Assurance were locked in the upper circuit of 20 per cent on the BSE today, for the second straight session. On Thursday, shares of GIC Re got locked at the 20 p
The finance ministry and Niti Aayog will together finalise whether the general insurer will be considered for privatisation, a senior government official said.
Union Budget 2021: ICICI Lombard, ICICI Prudential, SBI Life shares rally 3-6% after Nirmala Sitharaman raises FDI limit for insurance
In a proposal to amend the Insurance Act 1938, FM Nirmala Sitharaman increased foreign direct investment limit for the insurance sector to 74 percent from 49 percent earlier. February 02, 2021 / 03:07 PM IST
Insurance stocks rallied 3-6 percent after Finance Minister Nirmala Sitharaman, in her Union Budget 2021 speech, increased the foreign direct investment limit for the insurance sector to 74 percent.
In a proposal to amend the Insurance Act 1938, the government increased foreign direct investment limit for the insurance sector to 74 percent from 49 percent earlier. The increase in FDI limits from 49 percent to 74 percent for the insurance sector is a welcome step and will help insurance companies to raise funds to ensure their solvency is maintained in line with growing business needs, said Manoj Purohit, Partner and Leader – Financi