The New India Assurance Company Limited (NIACL) stock jumped more than 17 percent on November 24 morning to hit a fresh 52-week high, a day after the insurer said analysts and institutional investors will meet senior management in Mumbai on November 29.
The NIACL management will be represented by CMD Neerja Kapur and other top officials during the meeting which is keenly awaited after the firm reported a one-off loss in the September quarter.
The conference call will be initiated with a brief management discussion on financial results for the fiscal second quarter, which were announced on November 8, the company said in a regulatory filing.
NIACL shares hit a 52-week high of Rs 208.00 on the National Stock Exchange. In the past five sessions, the stock has zoomed 28 percent. The counter has rallied 49 percent this year against the Nifty’s 8.7 percent.
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The spike in share price has been driven by analysts' bullish outlook as well as the company's performance in the current fiscal.
In the first half of FY24, the company reported a 3.4 percent on-year increase in total income at Rs 19,100 crore.
This was primarily propelled by an impressive 8.1 percent on-year growth in Gross Written Premium (GWP), rising from Rs 19,190 crore in the first half of FY23 to Rs 20,760 crore in H1 FY24.
The expansion was predominantly driven by robust performances in motor, health, and other segments.
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In the September quarter, NIACL posted a loss of Rs 199.99 crore following a surge in expenses and as a result of CAT losses due to floods.
“While a confluence of multiple events affected the results for the quarter, motor and health portfolio registered growth," CMD Kapur said.
"The profitability of these lines should improve going forward. The agency channel has also started growing at a healthy pace. The company expects to deliver improved results in the ensuing quarters."
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