IFCI slips on profit booking

IFCI fell 2.93% to Rs 34.75 at 14:15 IST on BSE on profit booking after the stock rose 10.15% in the preceding five trading sessions to Rs 35.80 on 24 September 2014, from a recent low of Rs 32.50 on 17 September 2014.

Meanwhile, the BSE Sensex was down 211.93 points, or 0.79%, to 26,532.76.

On BSE, so far 12.61 lakh shares were traded in the counter, compared with an average volume of 14.47 lakh shares in the past one quarter.

The stock hit a high of Rs 36.45 and a low of Rs 34.45 so far during the day. The stock hit a 52-week high of Rs 44.90 on 10 June 2014. The stock hit a 52-week low of Rs 21.40 on 30 September 2013.

The stock was unchanged the past one month till 24 September 2014, compared with the Sensex's 1.23% rise. The scrip had underperformed the market in past one quarter, falling 11.82% as against Sensex's 5.42% rise.

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

The recent rally in IFCI shares was triggered by the company's announcement after market hours on Monday, 22 September 2014, that it will partially disinvest its shareholding in Tourism Finance Corporation of India (TFC) in the financial year ending March 2015. Shares of IFCI rose 0.44% to Rs 34.50 on Tuesday, 23 September 2014.

IFCI, which is a promoter group entity in TFC, holds 42.50% stake in TFC (as on 30 June 2014). Other promoters in the company include State Bank of India, Bank of India, LIC of India, Oriental Insurance Company and United India Insurance. The promoters together hold 66.86% stake in TFC (as on 30 June 2014).

Shares of TFC were down 3.10% at Rs 43.75. It fell 6.40% to Rs 45.35 on Tuesday, 23 September 2014.

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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