IDFC reverses direction after hitting 52-week low

IDFC gained 2.27% to Rs 81 at 09:45 IST on BSE, on bargain hunting after sliding 23.48% in prior two trading sessions following the company baring fresh purchases of its shares by foreign investors.

Meanwhile, the S&P BSE Sensex was down 213.60 points or 1.19% at 17,755.10

On BSE, 10.82 lakh shares were traded in the counter as against average daily volume of 9.45 lakh shares in the past one quarter.

The stock hit a 52-week low of Rs 76.25 in intraday trade today, 27 August 2013. The stock hit a high of Rs 81.80 so far during the day. The stock had hit a 52-week high of Rs 185.35 on 7 January 2013.

The stock had underperformed the market over the past one month till 27 August 2013, sliding 31.52% compared with the Sensex's 9.01% fall. The scrip had also underperformed the market in past one quarter, declining 49.55% as against Sensex's 10.3% slide.

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

Shares of IDFC dropped 23.48% in two trading days to Rs 79.20 on 27 August 2013 from a recent high of Rs 103.50 on 23 August 2013 after the company said that the ceiling limit in respect of overall foreign shareholding in its shares has been reduced to 54% of its equity from 74% earlier. The announcement was made during trading hours on Monday, 26 August 2013, when the stock lost 8.26% to settle at Rs 94.95. The stock tumbled 16.59% to settle at Rs 79.20 on Tuesday, 27 August 2013.

IDFC also said that the current foreign shareholding in IDFC is 53.71%, hence the company has advised all the custodian banks vide its email dated 26 August 2013 to not make any further purchases of the company's shares through secondary markets on behalf of FII & NRI clients with immediate effect.

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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