IFCI jumps on proposed stake divestment in NSE, IFCI Financial Services

IFCI jumped 6.03% to Rs 40.45 at 13:02 IST on BSE after the company said it proposes disinvestment of partial stake in NSE and entire stake in IFCI Financial Services.

The announcement was made during market hours today, 20 June 2014.

Meanwhile, the S&P BSE Sensex was up 28.41 points or 0.11% at 25,230.21.

On BSE, so far 59.84 lakh shares were traded in the counter as against average daily volume of 22.69 lakh shares in the past one quarter.

The stock hit high of Rs 41.55 and a low of Rs 37.80 so far during the day. The stock had hit a 52-week high of Rs 44.90 on 10 June 2014. The stock had hit a 52-week low of Rs 17.85 on 28 August 2013.

The stock had outperformed the market over the past one month till 19 June 2014, advancing 21.69% compared with the Sensex's 3.44% rise. The scrip had also outperformed the market in past one quarter, jumping 55.08% as against Sensex's 15.43% rise.

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

IFCI said that the company proposes to engage the services of consultant to advise and manage the process of partial disinvestment of IFCI's stake in National Stock Exchange of India (NSE) and disinvestment of IFCI's entire stake in IFCI Financial Services. IFCI said it has invited bids for the same.

IFCI's net profit rose 13.6% to Rs 170.29 crore on 12.8% growth in total income to Rs 829.72 crore in Q4 March 2014 over Q4 March 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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