IFCI surges on strong volumes

DALAL STREET SPIKES

IFCI surged over 7 per cent from Rs 28.95 to Rs 31, touching an intra-day high of Rs 32.15. The rise was on the back of strong volumes "� over 4.6 crore shares were traded on the counter.

The company announced on Friday, that it has decided to appoint an advisor, Ernst and Young, for the induction of a strategic investor in the company. Apart from this, the company is going to offload its 21 per cent stake in Icra via an initial public offering.

The company was also in the news over its sale of stake in the National Stock Exchange to New York Stock Exchange a couple of months back. Over the past one week, the stock has recorded a gain of over 26 per cent, rising from the levels of Rs 24.55.