Shares of state-owned New India Assurance today settled in the green on BSE after the company posted robust September quarter earnings.
The stock surged 3.11 per cent to touch an intra-day high of Rs 703 on BSE before closing at Rs 683.75, up 0.29 per cent.
On the NSE, the stock opened at Rs 692 and jumped 3.09 per cent to touch an intra-day high of Rs 703.85. It pared the gains and closed at Rs 679.80, down 0.42 per cent.
The company yesterday reported that its net profit for the September quarter stood at Rs 748.27 crore. Its net was Rs 260.24 crore in the same quarter of 2016-17, but the numbers are not strictly comparable as the company was not listed last year.
"The earnings have improved substantially due to drop in claims ratio and operating expenses ratio due to various steps taken by the company in the past few months. We've been increasing business without adding to the cost," New India Assurance Chairman G Srinivasan told reporters.
Going forward, he said the company is planning to retain its market leadership and grow in line with the market. The general insurance market is growing at 18 per cent.
He indicated that motor will continue to be its biggest segment, followed by health and crop.
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