IDFC rose 3.13% to Rs 132 at 9:20 IST on BSE after the Reserve Bank of India granted in-principle bank licence to the company.
Meanwhile, the BSE Sensex was flat at 22,552.04.
On BSE, so far 14.11 lakh shares were traded in the counter, compared with an average volume of 10.54 lakh shares in the past one quarter.
The stock hit a high of Rs 139.15 and a low of Rs 131.70 so far during the day. The stock hit a 52-week high of Rs 165.45 on 17 May 2013. The stock hit a 52-week low of Rs 76.25 on 28 August 2013.
The stock had outperformed the market over the past one month till 2 April 2014, rising 36.24% compared with the Sensex's 6.78% rise. The scrip had also outperformed the market in past one quarter, rising 22.20% as against Sensex's 7.96% rise.
The large-cap company has an equity capital of Rs 1516.29 crore. Face value per share is Rs 10.
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The Reserve Bank of India (RBI) on Wednesday, 2 April 2014, granted in-principle bank licences to IDFC and unlisted microfinance lender Bandhan Financial Services. The in-principle approval granted will be valid for a period of 18 months during which the applicants have to comply with the requirements under the guidelines and fulfil the other conditions as may be stipulated by the RBI. On being satisfied that the applicants have complied with the requisite conditions laid down by the RBI as part of in-principle approval, they would be considered for grant of a licence for commencement of banking business under Section 22(1) of the Banking Regulation Act, 1949. Until a regular licence is issued, the applicants would be barred from doing banking business, RBI said in a statement.
On a consolidated basis, IDFC's net profit rose 10% to Rs 500.68 crore on 3.7% growth in total income to Rs 2122.84 crore in Q3 December 2013 over Q3 December 2012.
IDFC is an integrated infrastructure finance player providing end to end infrastructure financing and project implementation services. The company also offers asset management services through IDFC Mutual Fund.
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