PFC jumps over 9% in two days

Power Finance Corporation jumped 3.78% to Rs 151.05 at 14:45 IST on BSE, extending Wednesday's 5.47% rise triggered by the company's strong Q3 December 2013 result.

The company announced the result after market hours on Tuesday, 4 February 2014. Shares of Power Finance Corporation (PFC) jumped 5.47% to Rs 145.55 on that day. The stock has risen 9.46% in two sessions from Rs 138 on Tuesday, 4 February 2014.

Meanwhile, the BSE Sensex was up 52.79 points, or 0.26%, to 20,313.82.

On BSE, so far 5.66 lakh shares were traded in the counter, compared with an average volume of 2.52 lakh shares in the past one quarter.

The stock hit a high of Rs 152.70 and a low of Rs 144.30 so far during the day. The stock hit a 52-week high of Rs 227 on 8 February 2013. The stock hit a 52-week low of Rs 97.40 on 2 August 2013.

The stock had underperformed the market over the past one month till 5 February 2014, sliding 8.31% compared with the Sensex's 2.83% fall. The scrip had, however, outperformed the market in past one quarter, falling 1.42% as against Sensex's 3.40% decline.

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

PFC net profit rose 37.35% to Rs 1534.31 crore on 24.2% increase in operating income to Rs 5547.16 crore in Q3 December 2013 over Q3 December 2012.

PFC said it had exercised the option under para 46A of the amended AS-11 'The Effects of Changes in Foreign Exchange Rates' to amortize the exchange differences on the long term foreign currency monetary items over their tenure. Consequently, as on 31 December 2013, Rs 961.45 crore (as on 31 March 2013 - Rs 477.97 crore) has been carried forward in the Foreign Currency Monetary Item Translation Difference Account (FCMITDA).

In Q3 December 2013, the company invested in 6.16 crore, 10% cumulative fully convertible preference shares of Rs 10 each issued at par and 6.04 crore equity shares of Rs 10 each issued at par of its wholly-owned subsidiary, PFC Green Energy, the company said.

PFC's main business is to provide finance to power sector.

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