Tourism Finance Corp gains after block deals

Tourism Finance Corporation of India rose 1.41% to Rs 147.25 at 11:01 IST on BSE on reports around 1.94 crore shares worth Rs 293 crore were traded on the exchanges in two block deals at Rs 150 per share.

Meanwhile, the S&P BSE Sensex was up 144.49 points, or 0.46% to 31,426.97.

On the BSE, 62.92 lakh shares were traded in the counter so far, compared with average daily volumes of 8.60 lakh shares in the past one quarter. The stock had hit a high of Rs 158.80 and a low of Rs 145.20 so far during the day.

According to reports, IFCI sold its 24% stake in Tourism Finance Corporation of India (TFCI) as it has to divest its non-core assets as a part of strategy.

As on 30 June 2017, IFCI held 2.10 crore shares, or 26.09% stake, in TFCI. Shares of IFCI were up 2.40% at Rs 23.45.

Net profit of TFCI rose 46.4% to Rs 29.51 crore on 1.2% rise in operating income to Rs 51.10 crore in Q1 June 2017 over Q1 June 2016.

TFCI provides financial assistance to hotel projects, amusement parks, ropeways, multiplexes, restaurants etc.

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