Recently-listed Niva Bupa Health Insurance Company Ltd shares continued their strong upward move for the third consecutive session in Thursday's trade. The stock jumped 11.14 per cent to hit a day high of Rs 109.41. At this price, it has ascended by 46.96 per cent in just three trading sessions.
The stock saw high trading volume on BSE today as around 20.01 lakh shares were last seen changing hands. The figure was way more than the two-week average volume of 8.65 lakh shares. Turnover on the counter came at Rs 20.59 crore, commanding a market capitalisation (m-cap) of Rs 18,206.32 crore. There were 18,206.32 buy orders against sell orders of 2,74,793 shares.
This strong upward move in the share price came after a report claimed that the Centre may consider "GST reduction for health insurance premia."
Bourses BSE and NSE sought clarification from Niva Bupa over the report. The company, in its response, said, "In this regard, We would like to clarify that we have not received any official communication from any Government Authority/Department on the change of GST rates on Health Insurance premium. The Company is not aware of any such developments, except for news as appeared in media. We, hence cannot verify/confirm the news."
The stock was listed at Dalal Street last month on November 14. The initial public offering (IPO) of Niva Bupa was open for bidding between November 7 and November 11. It had offered its shares in the price band of Rs 70-74 per share with a lot size of 200 shares. The issue was overall subscribed 1.80 times.
The Delhi-based company raised a total of Rs 2,200 crore via IPO, which included a fresh share sale of Rs 8,000 crore and offer-for-sale (OFS) of up to 189,189,189 shares worth Rs 1,400 crore.
Incorporated in 2008, Niva Bupa Health Insurance Company is a joint venture between the Bupa Group and Fettle Tone LLP that provides insurance in the health sector. It offers a holistic proposition by providing customers access to a comprehensive health ecosystem and service capabilities through its Niva Bupa Health mobile application and website.
As of November 13, 2024, promoters held a 55.98 per cent stake in the health insurer.