IDFC gains on securing board nod for applying for banking license

The announcement was made after market hours on Tuesday, 18 June 2013.

Meanwhile, the S&P BSE Sensex was down 82.39 points or 0.43% at 19,140.89.

On BSE, 3.71 lakh shares were traded in the counter as against average daily volume of 6.51 lakh shares in the past one quarter.

The stock hit a high of Rs 147.70 and a low of Rs 144.85 so far during the day. The stock had hit a 52-week high of Rs 185.35 on 7 January 2013. The stock had hit a 52-week low of Rs 122 on 6 September 2012.

The stock had underperformed the market over the past one month till 18 June 2013, sliding 12.52% compared with the Sensex's 5.24% fall. The scrip had also underperformed the market in past one quarter, falling 6.02% as against Sensex's 0.36% fall.

The large-cap company has equity capital of Rs 1514.99 crore. Face value per share is Rs 10.

IDFC's board of directors at its meeting held on Tuesday, 18 June 2013, has approved a resolution for making an application to the Reserve Bank of India (RBl) for obtaining a banking license, based on the guidelines for licensing of new banks in the private sector dated 22 February 2013 and the associated clarifications issued by RBI on 3 June 2013.

IDFC's consolidated net profit surged 57% to Rs 525.70 crore on 28.9% growth in total income to Rs 2218.41 crore in Q4 March 2013 over Q4 March 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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