IFCI jumps on buzz of stake divestment in NSE

IFCI surged 4.92% to Rs 34.10 at 14:43 IST on BSE after the firm's CEO & MD Malay Mukherjee was quoted as saying that the company has received three bids for its 2.5% stake in National Stock Exchange and the stake sale is in the process of evolution.

Meanwhile, the S&P BSE Sensex was up 465.52 points or 1.75% at 27,096.81.

On BSE, so far 10.74 lakh shares were traded in the counter as against average daily volume of 10.55 lakh shares in the past two weeks.

The stock hit a high of Rs 34.50 and a low of Rs 32.30 so far during the day.

IFCI's CEO & MD Malay Mukherjee was also quoted as saying that he expects the stake-sale in NSE to be over by 30 September 2014. He further reportedly said that government might hike its stake in IFCI via the preferential share route.

IFCI's net profit jumped 71.42% to Rs 94.47 crore on 31.16% growth in total income to Rs 736.55 crore in Q1 June 2014 over Q1 June 2013.

IFCI's activities include project financing, infrastructure development, debt and equity underwriting & syndication, venture capital, stock broking & merchant banking, factoring, asset reconstruction, tourism finance, corporate and infrastructure advisory, technical consultancy and management education.

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