IFCI jumps on bargain buying

IFCI surged 8.60% to Rs 13 on bargain hunting after sliding for four trading sessions.

The stock tumbled 24.14% in the past four trading sessions to end at Rs 11.97 yesterday, from its recent closing high of Rs 15.78 recorded on 19 December 2022.

On the BSE, 42.54 lakh shares were traded in the counter so far compared with average daily volumes of 52.69 lakh shares in the past two weeks. The stock hit a high of Rs 13.3 and a low of Rs 11.97 so far during the day.

The stock hit a 52-week high of Rs 17.91 on 29 December 2021. The stock hit a 52-week low of Rs 8.30 on 20 June 2022.

The stock had outperformed the market over the past one month, declining 0.91% compared with 2.68% fall in the Sensex.

However, the scrip had outperformed the market in past three months, surging 32.52% as against Sensex's 6.09% rise.

The counter had also underperformed the market in past one year, sliding 16.34% as against 6.13% jump in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 45.359. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock is trading above its 50-day, 100-day, 200-day simple moving average (SMA) placed at 12.45, 11.51, 11.01 respectively. These levels will act as crucial support zones in near term.

IFCI is engaged to provide financial support for the diversified growth of Industries across the spectrum. The financing activities cover various kinds of projects such as airports, roads, telecom, power, real estate, manufacturing, services sector and such other allied industries.

The company's consolidated net profit surged 133.7% to Rs 163.48 crore on 13.9% jump in net sales to Rs 424.93 crore in Q2 FY23 over Q2 FY22.

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