IDFC extends Thursday's gains

IDFC rose 1.37% to Rs 96.15 at 10:19 IST on BSE, with the stock extending Thursday's 2.81% gains triggered by the Reserve Bank of India withdrawing restrictions placed on the purchase of the company's shares by foreign investors.

Meanwhile, the S&P BSE Sensex was up 30.92 points or 0.16% at 19,812.80.

On BSE, 4.27 lakh shares were traded in the counter as against average daily volume of 14.92 lakh shares in the past one quarter.

The stock hit a high of Rs 96.95 and a low of Rs 93.85 so far during the day. The stock hit a 52-week high of Rs 185.35 on 7 January 2013. The stock hit a 52-week low of Rs 76.25 on 28 August 2013.

The stock had underperformed the market over the past one month till 12 September 2013, sliding 12.42% compared with the Sensex's 4.41% rise. The scrip had also underperformed the market in past one quarter, declining 33.51% as against Sensex's 3.89% rise.

The large-cap company has equity capital of Rs 1515.33 crore. Face value per share is Rs 10.

Shares of IDFC have risen 4.22% in two trading sessions from Rs 92.25 on 11 September 2013, after the Reserve Bank of India (RBI) after market hours on 11 September 2013 announced withdrawal of restrictions placed on the purchase of the company's shares by foreign investors. The stock had risen 2.81% to settle at Rs 94.85 on Thursday, 12 September 2013.

RBI on Wednesday, 11 September 2013, lifted restrictions placed on foreign institutional investors (FIIs) buying shares in IDFC as the overall foreign shareholding fell below the prescribed limit of 54%.

Foreign shareholding in IDFC under the portfolio investment scheme has gone below the prescribed threshold limit stipulated under the extant FDI Policy, the RBI said in a statement. Hence, the restrictions placed on the purchase of shares of IDFC are withdrawn with immediate effect, the central bank said.

Total foreign holding in IDFC was 53.18% as at 30 June 2013, of which 52.89% was held by FIIs.

IDFC's consolidated net profit surged 46.7% to Rs 557.31 crore on 24.8% growth in total income to Rs 2298.57 crore in Q1 June 2013 over Q1 June 2012.

IDFC is an integrated infrastructure finance player providing end to end infrastructure financing and project implementation services. The company also offers asset management services through IDFC Mutual Fund.

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