Power Finance Corp shares soar 5.5%

PFC's stock settled at 5.47% and 5.33% at BSE and NSE respectively

Shares of state-run Power Finance Corp today rose by as much as 5.5% after the company posted an over 37% jump in net profit for the October-December period of this fiscal.

PFC's stock settled with a gain of 5.47% at Rs 145.55 apiece on the BSE. During the day, the company's stock shot-up by 6.48% to Rs 146.95. At the NSE, the scrip settled 5.33% up at Rs 145.35.

Power Finance Corp yesterday posted over 37% jump in net profit to Rs 1,534.31 crore for the October-December period of this fiscal. It also announced an interim dividend of about Rs 856 crore to the government.

The company had reported a net profit of Rs 1,117.10 crore during the same period last year (2012-13). Its board of directors declared and approved the payment of interim dividend of Rs 8.80 per share on the face value of paid-up equity shares of Rs 10 each for 2013-14.

The government holds 73.71% stake in PFC. The dividend on equity shares will be paid on February 17, 2014, the company said. Total income of the company grew to Rs 5,539.23 crore during the period under review as compared to Rs 4,465.37 crore in the corresponding period of the last financial year (2012-13).