IFCI corrects on profit booking

IFCI fell 2.14% to Rs 27.40 at 9:50 IST on BSE on profit booking after a strong rally in the previous trading session.

Meanwhile, the BSE Sensex was up 200.79 points, or 0.76%, to 26,566.94.

On the BSE, so far 12.07 lakh shares were traded in the counter, compared with average daily volumes of 11.75 lakh shares in the past one quarter. The stock had hit a high of Rs 28.45 and a low of Rs 27 so far during the day.

The stock hit a 52-week high of Rs 30.85 on 23 September 2016. The stock hit a 52-week low of Rs 19.50 on 12 February 2016. The stock had outperformed the market over the past 30 days till 29 December 2016, rising 20.17% compared with the 1.08% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 6.26% as against Sensex's 5.38% decline.

The mid-cap company has equity capital of Rs 1662.04 crore. Face value per share is Rs 10.

Shares of IFCI surged 13.36% to settle at Rs 28 after media reported that the National Stock Exchange of India (NSE) filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with the market regulator on Thursday, 29 December 2016.

As on 24 November 2016, IFCI held 3.05% stake in NSE. IFCI announced after market hours yesterday, 29 December 2016, that it has offered to offload 25% of its 3.05% stake (3.43 lakh equity shares) (pre-split) through IPO of NSE. This disclosure is being given on filing of the DRHP by NSE with Securities and Exchange Board of India (Sebi), IFCI said in a statement.

IFCI's net profit dropped 91.9% to Rs 14.86 crore on 28.2% fall in operating income to Rs 800.61 crore in Q2 September 2016 over Q2 September 2015.

IFCI is a financial institution catering to the long-term finance needs of the industrial sector.

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