Power Finance gains post Q4 results

Power Finance Corporation has moved higher by around 4% at Rs 154 after reporting 35% year-on-year (y-o-y) growth in net profit at Rs 818 crore for the quarter ended March 2012 on back of higher operational income. Net interest income grew 43% at Rs 1,198 crore on y-o-y basis.

The board of state-owned Power Finance Company has recommended a final dividend of Rs 1 per share (face value of Rs. 10/- each), in addition to already declared interim dividend of Rs 5 per share, thereby making total dividend of Rs 6 per share for the financial year 2011-12.

The stock opened at Rs 151 and hit a low of Rs 150 before announcement of the results. A combined 3.75 million shares have changed hands on the counter so far on the NSE and BSE.