IFCI drops after hiking short term benchmark rate

IFCI fell 1.68% to Rs 26.35 at 09:56 IST on BSE after the company hiked its short term benchmark rate from 8.50% per annum to 8.60% per annum with monthly rests for lending for tenure upto 3 months only from 22 December 2016.

The announcement was made after trading hours yesterday, 21 December 2016.

Meanwhile, the S&P BSE Sensex was down 155.57 points or 0.59% to 26,086.81

On the BSE, 1.93 lakh shares were traded on the counter so far as against the average daily volumes of 11.06 lakh shares in the past one quarter. The stock had hit a high of Rs 26.70 and a low of Rs 26.25 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 21 December 2016, rising 23.5% compared with the 1.08% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, falling 10.82% as against Sensex's 8.80% decline.

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

IFCI's net profit dropped 91.86% to Rs 14.86 crore on 27.86% fall in total income to Rs 809.34 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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