Power Finance Corporation (PFC) is trading higher by 4% at Rs 193 after reporting a 42% year-on-year (yoy) jump in net profit at Rs 972 crore for the first quarter ended June 30, 2012. Net interest income grew 41% at Rs 1,394 crore on yoy basis.
Meanwhile, the PFC board has shortlisted Tata Capital, Religare, Reliance Capital and Edelweiss in order of priority for starting negotiations for setting up the $1 billion private equity fund.
Initially, the fund will be used to pick up stake in power projects and later we may also look at buying stake in coal mines, the report suggests.
The stock opened at Rs 188 and touched high of Rs 194 on the BSE. A combined 2.21 million shares have changed hands on the counter so far on both the exchanges.