[UPDATE] Go Digit Shares Jump 11% During Intraday

SUMMARY

Insurtech major Go Digit General Insurance soared over 11% to INR 324.60 apiece during the intraday trading session on the BSE today (March 4)

The company’s market capitalisation currently stands at INR 27,992.67 Cr ($3.20 Bn)

This comes in the light of its recent acquisition of 0.32% stake in pharmaceutical major Dr. Reddy’s Laboratories by investing INR 30 Cr, a few days ago

Update | March 04, 04:45 PM

Insurtech major Go Digit General Insurance soared over 11% to INR 324.60 apiece during the intraday trading session on the BSE today (March 4).

The stock closed more than 7% higher at INR 312.90 per share on the BSE, compared to its previous close of INR 292 apiece from yesterday (March 3).

The company’s market capitalisation stood at INR 27,992.67 Cr ($3.20 Bn).

This comes in the light of its recent acquisition of 0.32% stake in pharmaceutical major Dr. Reddy’s Laboratories by investing INR 30 Cr, a few days ago.

As per its regulatory filing, the company then said, “The investment in shares is being made in the ordinary course of the investment function of the company.”

The Bengaluru-based company made its market debut on May 23, last year, where the stock was listed at INR 286 per share on NSE, a 5.1% premium of than the IPO issue price of INR 272. Similarly on the BSE, shares were listed at INR 281 apiece, a meager 3.3% higher than the issue price.

To note, the stock went up almost 19% from its issue price.

The Virat Kohli-backed startup also reported a strong third quarter results for the fiscal year 2024-25 (FY25), where its profit after tax (PAT) zoomed 176.46% to INR 118.52 Cr in Q3, from INR 42.87 Cr in the year-ago period.

Meanwhile, its gross written premium (GWP) saw a 10.24% increase to INR 2,676.78 Cr in the quarter ended December 2024 from INR 2,427.97 Cr in Q3 FY24.

Further, of the 32 listed companies under Inc42’s coverage, Swiggy’s shares also saw a surge of 8.6% to INR 354.60 apiece during the intraday trade session.

The stock leaped after brokerage firm ICICI Securities reportedly signalled its positive outlook on the quick commerce stocks like Swiggy and Zomato.

This, however, comes amid a slump in the broader market, where the Indian market indices have been witnessing one of the longest periods of decline, influenced highly by the global economic uncertainty.

During the day’s trade, online travel aggregator Ixigo’s stock nosedived over 9% to INR 119.95 during the intraday trading session on the BSE today (March 4), slightly above the mark of its 52-week low price.