The IFCI stock price hit 20 per cent upper limit of the circuit filter today on hopes that the company may receive sops from the forth coming Union budget and the likely hood of fresh infusion of funds.
The scrip of the term- lending institution was up by 19.12 per cent to Rs 4.05 on the Bombay Stock Exchange at the end of the day. Around 1.59 lakh shares changed hands on the counter. At the time of going to press, outstanding in the stock was at 2.90 lakh shares. In the last four trading sessions, the IFCI stock has risen by 19.3 per cent to Rs 3.40 on 7 February 2002 from Rs 2.85 on 1 February 2002. Volumes in the same period reached a high of 1.40 lakh shares on 7 February 2002 and a low of 11,299 shares on 4 February 2002.
For the third quarter ended 31 December 2001, IFCI had posted a huge loss of Rs 48.09 crore compared to a net profit of Rs 7.07 crore in the corresponding period last year.
Total income declined to Rs 655.41 crore from Rs 696.32 crore in DQ 2000.
On 7 February 2002, there were reports that the Industrial Development Bank of India (IDBI) would be infusing Rs 150 crore into IFCI as part of the Rs 1,000-crore assistance announced by the Centre in August 2001.
IDBI has, thus far, infused only Rs 50 crore against the agreed Rs 200 crore. The other stakeholders
