General Insurance Corporation of India share price was locked in 20 percent upper circuit on February 18 on government divestment buzz. ET reported, citing people aware of the matter, that the government is debating whether the reinsurer should also be divested.
The finance ministry and Niti Aayog will together finalise whether the general insurer will be considered for privatisation, a senior government official said.
Finance Minister Nirmala Sitharaman had said in her Budget speech that the government would take up two public sector banks and one general insurance company for privatisation in FY22.
At 12:06 hrs General Insurance Corporation of India was quoting at Rs 170.90, up Rs 28.45, or 19.97 percent on the BSE.
The company reported a net profit of Rs 987.42 crore in the quarter ended December 2020 against loss of Rs 1,069.64 crore in the year-ago period.
There were pending buy orders of 428,130 shares, with no sellers available.
The share touched its 52-week high Rs 243.15 and 52-week low Rs 81.70 on 13 February, 2020 and 25 March, 2020, respectively.
Currently, it is trading 29.71 percent below its 52-week high and 109.18 percent above its 52-week low.