PFC gains as board to mull bonus issue

Power Finance Corporation rose 3.41% to Rs 193.90 at 15:28 IST on BSE after the company said its board will meet on 14 July 2016 to consider issue of bonus shares.

The announcement was made during trading hours today, 8 July 2016.

Meanwhile, the BSE Sensex was down 62.21 points, or 0.23%, to 27,139.28.

On BSE, so far 8.46 lakh shares were traded in the counter, compared with average daily volume of 1.66 lakh shares in the past one quarter. The stock hit a high of Rs 196.25 and a low of Rs 181.80 so far during the day. The stock hit a 52-week high of Rs 270.60 on 21 July 2015. The stock hit a 52-week low of Rs 140.40 on 17 February 2016. The stock had outperformed the market over the past 30 days till 7 July 2016, rising 13.98% compared with 0.67% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.38% as against Sensex's 10.24% rise.

The large-cap company has an equity capital of Rs 1320.04 crore. Face value per share is Rs 10.

Power Finance Corporation's (PFC) net profit declined 19.29% to Rs 1259.65 crore on 5.7% growth in total income to Rs 6786.99 crore in Q4 March 2016 over Q4 March 2015.

State-run PFC's main business is to provide finance to the power sector. Government of India (GoI) currently holds 67.8% stake in PFC (as per the shareholding pattern as on 31 March 2016).

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