Shares of Niva Bupa Health Insurance Company surged ahead on Wednesday to hit a fresh peak. The stock of the insurance provider hit an all-time high of Rs 94.37 apiece in the market session.
The company opened trading at Rs 82.84 per share and climbed more than 15 per cent to hit a record high in the market. As the session progressed, the insurance company’s stock pared gains slightly. Around 1:30 PM, the firm’s shares traded near Rs 92.35 apiece on the BSE.
The insurance company has been soaring in the stock market this week as touched fresh highs. This rally in the market was backed by recent reports stating that the GST rate on health and life insurance policies could be slashed. The final decision regarding the GST tax slab on these services will be taken by the GST Council which is scheduled to meet this month.
Also Read : India's Services Activity Slips Marginally In November, Job Creation Hits Survey Peak. Check PMI Data
The 55th meeting of the Council will be chaired by Finance Minister Nirmala Sitharaman and is set to be held on December 21, 2024 in Jaisalmer, Rajasthan. The Council comprises state finance ministers and is expected to discuss major tax policy changes such as a decision on slashing GST rates on insurance policies.
Notably, the stock market indices continued to rally ahead as trading began on Wednesday. The BSE Sensex rallied ahead by more than 250 points and touched 81,093 in the session around 1:42 PM. Meanwhile, the NSE Nifty50 climbed more than 50 points and traded above 24,500 in the market.
The previous GST Council meeting, held in September, tasked the Group of Ministers (GoM) with finalising the report on GST levies on insurance soon.
Also Read : 7th Pay Commission: Two Key Allowances Increased By 25% For These Employees As DA Hits 53%
[Disclaimer: Investing in the stock market involves financial risks. Please invest responsibly and only after thorough research and careful consideration. Reader discretion is advised.]