New India Assurance Stock Jumps on ₹256 Crore Tax Refund News

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AuthorIshaan Verma|Published at:
New India Assurance Stock Jumps on ₹256 Crore Tax Refund News
Overview

New India Assurance shares rose 1.22% to ₹164.57 on May 19 after the company announced a ₹255.68 crore tax refund for FY20 from the Income Tax Department. This news follows recent tax disputes and strong Q4 earnings.

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Shares of The New India Assurance Company Limited closed 1.22% higher at ₹164.57 on May 19. The insurer announced that the Income Tax Department issued a refund of ₹255.68 crore for the fiscal year 2020. This development boosted the stock, though it pulled back from an intraday high of ₹169.01.

Previous Tax Disputes

The refund arrives after New India Assurance faced tax scrutiny. On March 24, the company disclosed an income tax assessment order for 2023-24 concerning approximately ₹189.37 crore. New India Assurance had stated its intent to appeal this order before the National Faceless Appeal Centre.

Strong Q4 Financials

Alongside the tax refund, the company recently reported robust fourth-quarter financial results. On May 11, New India Assurance announced an 8.2% growth in gross written premium for the fiscal year. Its domestic business surpassed industry performance, increasing market share from 12.56% to 12.74%. Profit after tax grew by 40% for the full year and 61% in the fourth quarter.

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