General Insurance Corporation of India (GICRE) rose 7.87% to Rs 158.35, extending gains for the third trading session.
Shares of GICRE jumped 11.67% in three consecutive sessions.The stock hit a 52-week high of Rs 159.50 today, 14 December 2022. The stock is currently trading up 47.17% from its 52-week low of Rs 107.60 hit on 20 June 2022.
The stock had outperformed the market over the past one month, soaring 14.83% compared with 1.87% rise in the Sensex.
The scrip outperformed the market in past one quarter, surging 22.03% as against Sensex's 3.71% rise.
The scrip had outperformed the market in past one year, gaining 13.02% as against Sensex's 7.77% rise.
On the technical front, the stock's daily RSI (relative strength index) stood at 69.85. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 134.04, 128.08 and 122.69, respectively. These levels will act as crucial support zones in near term.
GICRE is the largest reinsurer in the domestic reinsurance market in India and leads most of the domestic companies' treaty programmes and facultative placements. The company has been identified as Domestic Systemically Important Insurers (D-SIIs) for 2020-21 by insurance regulator IRDAI. GICRE is transacting business across the world in 160 countries.
On a consolidated basis, net profit of GICRE rose 64.41% to Rs 2216.55 crore on 6.6% decline in total income to Rs 12571.92 crore in Q2 September 2022 over Q2 September 2021.
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