GIC Re shares trim most of early gains on profit-taking

Shares of GIC Re trimmed most of its early gains and closed nearly 2 per cent higher on Thursday on profit-taking. In early trade, the stock had zoomed over 8 per cent after the company reported near doubling of its net income to Rs 1,197.4 crore for the March quarter.

Shares of GIC Re trimmed most of its early gains and closed nearly 2 per cent higher on Thursday on profit-taking. In early trade, the stock had zoomed over 8 per cent after the company reported near doubling of its net income to Rs 1,197.4 crore for the March quarter. The stock, which jumped 8.51 per cent to Rs 165.75 during the day on the BSE, later surrendered most of the gains and closed at Rs 155.10, up 1.54 per cent.

On the NSE, it settled at Rs 155.30, registering a gain of 1.63 per cent. State-owned reinsurer GIC Re on Wednesday reported near doubling of its net income to Rs 1,197.4 crore for the March quarter, driven by investment income. The company's net income stood at Rs 603.4 crore in the corresponding period of the preceding fiscal. During the reporting quarter, gross premium increased nearly 14 per cent to Rs 9,217.84 crore from Rs 8,089.35 crore earlier, the company said in a statement.