IFCI rose 1.83% to Rs 27.75 at 09:53 IST on BSE after the company's board of directors approved disinvestment of its stake in Stock Holding Corporation of India and Assets Care and Reconstruction Enterprise.
The announcement was made after market hours yesterday, 4 January 2016.Meanwhile, the BSE Sensex was down 14.48 points or 0.06% to 25,608.87
On BSE, so far 3.71 lakh shares were traded in the counter, compared with an average volume of 17.06 lakh shares in the past one quarter. The stock hit a high of Rs 28.30 and a low of Rs 27.65 so far during the day. The stock hit a 52-week high of Rs 41.55 on 2 February 2015. The stock hit a 52-week low of Rs 17.55 on 25 August 2015. The stock had underperformed the market over the past one month till 4 January 2016, falling 0.73% compared with 0.06% decline in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 28.84% as against Sensex's 2.28% fall.
The mid-cap company has an equity capital of Rs 1662.04 crore. Face value per share is Rs 10.
IFCI announced that the board of directors of the company at its meeting held yesterday, 4 January 2016, approved the partial disinvestment of equity shareholding of the company in Stock Holding Corporation of India (SHCIL). IFCI's board of directors also approved the disinvestment of entire stake of the company in Assets Care and Reconstruction Enterprise (ACRE).
IFCI's net profit rose 5% to Rs 182.61 crore on 28.3% rise in total income to Rs 1121.92 crore in Q2 September 2015 over Q2 September 2014.
IFCI is a financial institution catering to the long-term finance needs of the industrial sector.
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