IFCI rose 3.91% to Rs 35.85 at 11:14 IST on BSE, extending Tuesday's 0.44% rise triggered by the company's plan to partially disinvest its shareholding in Tourism Finance Corporation of India in the financial year ending March 2015.
The announcement was made after market hours on Monday, 22 September 2014. Shares of IFCI rose 0.44% to Rs 34.50 on Tuesday, 23 September 2014. The stock has risen 4.37% in two sessions from Rs 34.35 on Monday, 22 September 2014.
Meanwhile, the BSE Sensex was up 20.92 points, or 0.08%, to 26,796.61.
On BSE, so far 13.24 lakh shares were traded in the counter, compared with an average volume of 14.52 lakh shares in the past one quarter.
The stock hit a high of Rs 36 and a low of Rs 35 so far during the day. The stock hit a 52-week high of Rs 44.90 on 10 June 2014. The stock hit a 52-week low of Rs 21.40 on 30 September 2013.
The stock had underperformed the market over the past one month till 23 September 2014, falling 3.63% compared with 1.35% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 12.33% as against Sensex's 6.97% rise.
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The mid-cap company has an equity capital of Rs 1662.04 crore. Face value per share is Rs 10.
IFCI, which is a promoter group entity in Tourism Finance Corporation of India (TFC), holds 42.50% stake in TFC (as on 30 June 2014). Other promoters in the company include State Bank of India, Bank of India, LIC of India, Oriental Insurance Company and United India Insurance. The promoters together hold 66.86% stake in TFC (as on 30 June 2014).
Shares of TFC were down 3.53% at Rs 43.75. It fell 6.40% to Rs 45.35 on Tuesday, 23 September 2014.
IFCI's net profit jumped 71.42% to Rs 94.47 crore on 31.16% growth in total income to Rs 736.55 crore in Q1 June 2014 over Q1 June 2013.
IFCI's activities include project financing, infrastructure development, debt and equity underwriting & syndication, venture capital, stock broking & merchant banking, factoring, asset reconstruction, tourism finance, corporate and infrastructure advisory, technical consultancy and management education.
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