IFCI up 9% on hopes of getting banking license

The Finance Minister, in his speech, has proposed that the Reserve Bank of India (RBI) is considering giving some additional banking licenses to private sector players. Non Banking Financial Companies (NBFCs) could also be considered, if they meet the RBI’s eligibility criteria.

Reacting positively to the proposal, IFCI, a term lending financial institution, surged 9% to Rs 52. The stock opened at Rs 48 and is currently trading at day’s high level.

Trading volumes in the counter are up almost seven fold, with 16.84 million shares changing hands, as compared to average 2.45 million shares were that were traded in last two weeks.