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IFCI spurts after board OKs offloading stake in NSE

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IFCI was up 14.68% to Rs 9.14 at 14:39 IST on the BSE after the company said its board approved selling the remaining 2.44% stake in NSE.

The announcement was made after market hours yesterday, 24 June 2019.

Meanwhile, the S&P BSE Sensex was up by 302.37 points, or 0.77% to 39,425.33.

On the BSE, 14.83 lakh shares were traded in the counter so far compared with average daily volumes of 4.13 lakh shares in the past two weeks. The stock had hit a high of Rs 9.26 and a low of Rs 8.05 so far during the day. It hit a 52-week high of Rs 18.20 on 31 July 2018 and a 52-week low of Rs 7.08 on 20 June 2019.

IFCI said that its board has approved sale of the company's remaining stake of 1.20 crore equity shares, or 2.44% equity, in NSE.

IFCI reported net loss of Rs 37.66 crore in Q4 March 2019 compared with net profit of Rs 1031.02 crore in Q4 March 2018. Total income fell 67% to Rs 474.01 crore in Q4 March 2019 over Q4 March 2018.

IFCI is a non-banking finance company in the public sector.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 25 2019. 14:41 IST