Power Finance Corp gains on bargain hunting

Power Finance Corporation rose 2.04% to Rs 204.80 at 15:02 IST on BSE on bargain hunting after the stock tumbled 5.91% in the preceding three trading sessions to Rs 200.70 on 8 December 2015, from a recent high of Rs 213.30 on 3 December 2015.

Meanwhile, the BSE Sensex was down 253.19 points, or 1%, to 25,057.14.

On BSE, so far 2.44 lakh shares were traded in the counter, compared with an average volume of 2.23 lakh shares in the past one quarter.

The stock hit a high of Rs 207.25 and a low of Rs 198.35 so far during the day. The stock hit a 52-week high of Rs 314.75 on 2 January 2015. The stock hit a 52-week low of Rs 185.40 on 25 August 2015.

The stock had underperformed the market over the past one month till 8 December 2015, sliding 13.58% compared with 3.64% decline in the Sensex. The scrip had underperformed the market in past one quarter, falling 5.46% as against Sensex's 0.03% decline.

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 rose 20.35% to Rs 1695.30 crore on 11.9% growth in operating income to Rs 6893.47 crore in Q2 September 2015 over Q2 September 2014.

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

Government of India (GoI) held 67.8% stake in PFC (as per the shareholding pattern as on 30 September 2015).

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