IFCI drops after revising benchmark rate

IFCI fell 1.01% to Rs 29.30 at 15:01 IST on BSE after the company slashed its benchmark rate from 10.75% per annum to 10.2% per annum with monthly rests with effect from 13 April 2017.

The announcement was made after market hours yesterday, 12 April 2017.

Meanwhile, the S&P BSE Sensex was down 167.11 points, or 0.56%, to 29,476.37. The S&P BSE Mid-Cap index was up 3.12 points, or 0.02%, to 14,349.99.

On the BSE, so far 4.72 lakh shares were traded in the counter, compared with average daily volumes of 13.59 lakh shares in the past one quarter. The stock had hit a high of Rs 29.90 and a low of Rs 29.20 so far during the day. The stock hit a 52-week high of Rs 32.60 on 3 February 2017. The stock hit a 52-week low of Rs 21.30 on 22 November 2016.

The stock had outperformed the market over the past one month till 12 April 2017, rising 4.96% compared with 0.68% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 5.34% as against Sensex's 8.79% rise.

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

IFCI also slashed its short term benchmark rate from 8.35% per annum to 8.8% per annum with monthly rests with effect from 13 April 2017.

IFCI reported a net loss of Rs 45.17 crore in Q3 December 2016 compared with net profit of Rs 154.33 crore in Q3 December 2015. IFCI's total income fell 32.9% to Rs 635.55 crore in Q3 December 2016 over Q3 December 2015.

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

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