Power Finance Corporation gains on dividend bounty

The board has recommended an interim dividend of 60% or Rs 6 per share for the current fiscal.

Power Finance Corporation (PFC) is trading higher by about 3% at Rs 212 after the board has recommended an interim dividend of 60% for the current fiscal.

“The board of directors of the company at its meeting held on January 30, 2013 have declared and approved the payment of interim dividend at the rate of Rs 6/- per share on the face value of the paid up equity shares of Rs 10/- each for the financial year 2012-13,” PFC said in a statement.

Meanwhile, the company engaged in funding power generation, transmission and distribution projects, has posted a net profit of Rs 1,117 crore for the third quarter of this fiscal, against Rs 1,108 crore in the same period of previous fiscal.

Total income from operations rose to Rs 4,465 crore in December 2012 quarter from Rs 3,282 crore in the same period last fiscal.

The stock opened at Rs 207 and hit a high of Rs 213 on NSE.  A combined around 1.47 million shares have changed hands on the counter in morning deals on both the exchanges.