GO DIGIT MOTOR CYCLE INSURANCE
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Go Digit stock likely to face pressure amid elevated combined ratio
After gaining over 24% within three weeks since listing on bourses on May 23, the stock of Go Digit General Insurance has remained range bound following weak performance in the March quarter, which was declared on June 11.
![Go Digit hits second year of profit in FY24, shares surge](https://img.etimg.com/thumb/msid-110942821,width-100,height-75,resizemode-4/tech/startups/go-digit-hits-second-year-of-profit-in-fy24-shares-surge.jpg)
Go Digit hits second year of profit in FY24, shares surge
The company's shares were up nearly 10% in the early trade on Wednesday, the stock closed at Rs 341,75, up 1% from the previous day. In the last quarter of FY24, Go Digit reported Rs 2,336 crore worth of gross premium collected, up 19.4% from Rs 1,955 crore in the prior quarter. For the full year, the company collected Rs 9,016 crore in premiums, marking a 24% rise from Rs 7,243 crore in FY23.
![Unpacking Go Digit’s earnings; PEs in IPO-bound firms](https://img.etimg.com/thumb/msid-110944620,width-100,height-75,resizemode-4/tech/newsletters/tech-top-5/go-digit-results-pe-investors-in-ipo-bound-companies.jpg)
Unpacking Go Digit’s earnings; PEs in IPO-bound firms
Go Digit General Insurance reported its second consecutive full year of profit in fiscal 2024. This and more in today’s ETtech Top 5.
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Motor insurance rule change: No arbitrary claim rejection, quicker claim settlement, pay as you drive option must, says IRDAI
Motor Insurance New Rules by IRDAI: The Insurance Regulatory and Development Authority of India (IRDAI) has updated the master circular clarifying important rules for motor insurance policyholders. The regulator has proposed the implementation of strict timelines for claim settlements of auto insurance policyholders. It is a crucial step towards improving efficiency and customer satisfaction. Another key change is the introduction of a customer information sheet (CIS) for auto insurance policies to enhance customer awareness.
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Go Digit shares rally 10% after reporting Q4 PAT soars 104% YoY
Go Digit General Insurance shares surged 10% to a record high of Rs 372.35 after reporting robust Q4 results. PAT soared 104% YoY to Rs 53 crore. Q4 gross written premium rose nearly 19% YoY to Rs 2,336 crore. FY net profit jumped 405% to Rs 182 crore, with gross written premium up 24.5% YoY to Rs 9,016 crore.
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Go Digit Q4 Results: PAT jumps 104% YoY to Rs 53 crore; gross written premium up 19%
The net profit stood at Rs 182 crore for the full financial year as against Rs 36 crore in FY23, recording a 405% jump. The gross written premium for the full financial year stood at 9,016 crore versus Rs 7,243 crore in FY23.
Go Digit makes stock market debut, gains 12% on issue price
Ahead of the issue opening, the firm raised about Rs 1,176 crore in the anchor round, where Fidelity Investments, Goldman Sachs, ADIA, and Custody Bank of Japan were among the investors.
Combating dark patterns; declining VC funds for female founders
Happy Thursday! The government will soon release a tool to help consumers fight manipulative ‘dark patterns’ used by websites. This and more in today’s ETtech Morning Dispatch.
Go Digit on the fast track to growth is a long-term investor's bet, for now
Go Digit has grown business faster over the past six years. It has the lowest loss ratios among peers, which reflects high underwriting quality. In addition, a higher retention ratio and claims ratio augur well for future growth.
Go Digit Insurance Rs 2,615 crore IPO retail portion fully subscribed
The IPO, priced between Rs 258 to Rs 272 per share, will close on Friday. The company had reserved 9.6 million shares for retail investors.
Digit Insurance IPO's retail portion fully subscribed; key highlights of the offering
The retail portion of Digit Insurance's IPO was fully subscribed at 1.45pm. The company had reserved 9.6 million shares for retail investors in the issue that opened on Wednesday. The Rs 2,615-crore IPO comprises a fresh issue of Rs 1,125 crore and an offer for sale component of up to 54.7 million shares.
Mahesh Nandurkar on 5 best sectors to own from 3-year perspective
Mahesh Nandurkar, MD at Jefferies, discusses investment opportunities in sectors like real estate and the auto sector. He emphasizes the potential for earnings growth and the impact of global economic factors on India's market prospects. Nadurkar says: "I would not necessarily link the FMCG stocks going up to the big improvement in the rural demand recovery as such."
Strong financials, steady growth will help Digit’s public listing sail through: Kamesh Goyal
Insurance startup Digit is set to hit the public markets on May 15, looking to raise Rs 1,125 crore through a fresh issue of shares and an offer for sale of 54 million equity shares.
Go Digit IPO commands healthy GMP as Street awaits one of the most sought after issues this year
In the unlisted market, the company's shares are commanding a healthy premium of Rs 50 in the unlisted market. The company has priced the IPO in the range of Rs 258-278 per share
Digit IPO: tempering tech valuations & other top startup stories this week
This is Pratik Bhakta in Bengaluru. Insurance startup Digit, by valuing itself at a discount of 25% to its last known private market valuation, seems to have stuck its neck out. And it’s a move that’s certainly got everyone talking.
Go Digit IPO: Price band for Virat Kohli-backed Rs 2,615 crore IPO announced
Go Digit IPO: Bengaluru-based insurtech start-up Go Digit General Insurance on Friday announced that its Rs 2,615 crore IPO, which will open on May 15 and close on May 17, will have a price band of Rs 258 to Rs 272 per share.
Digit to go public on May 15, looking to raise Rs 1,125 crore
Digit's upcoming IPO on May 15 aims to raise Rs 1,125 crore, delayed by Sebi compliance issues. Valued at $4 billion, Digit faced fines from IRDAI. With a new CEO, Digit is poised to enter the market.
Go Digit IPO to open on May 15; Virat Kohli, Anushka Sharma not selling shares
Go Digit General Insurance's IPO, opening on May 15 and closing on May 17, includes a fresh share issue of Rs 1,125 crore and an OFS of 54,766,392 shares. Promoter Go Digit Infoworks, Virat Kohli, Anushka Sharma offload stakes.
General Insurance industry grows 12.78% in FY24
In FY23, the insurance industry had reported a growth rate exceeding 16%. However, there was a slowdown in FY24 largely due to the performance of crop insurance. Specialised insurer AIC reported a decline of 32% in growth due to the slowdown in agriculture insurance.
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