GICRE hits new high

General Insurance Corporation of India or GICRE is in and out of the top five gainers on the BSE since morning. The stock went on to hit a new high today at Rs.230.20 with some robust, over 5 times surge in volumes.

Finance Minister Nirmala Sitharaman, yesterday introduced a Bill to facilitate increasing Foreign Direct Investment (FDI) limit to 74% from the current 49%.

The aim is to amend provisions defining ‘Indian Insurance’ and also to allow foreign ownership and control with safeguards. 

This apart, the stock has been buzzing since the Budget when the FM announced that the Govt is considering privatization of United India Insurance and General Insurance Corporation.

In the same vein, on the FDI buzz, New India Assurance, the largest general insurance company in India, also rallied upwards by 11% to Rs.180.85 and remains firmly in the green.