PFC declines despite 87% jump in net

Power Finance Corporation (PFC) has declined 3.5% at Rs 217, despite posting a strong set of financial results. Its net profit rose by 87.28 per cent at Rs 554.91 crore for the quarter ended June 2009.

After opening at 52-week high of Rs 230, the stock slipped to a low of Rs 214. Around 379,000 shares has changed hands at the BSE counter so far.

Total income of Power Finance Corporation (PFC), the state-owned power sector financing utility has increased to Rs 1,891.49 crore for the quarter ended June 30, 2009 against Rs 1,439.49 crore for the same quarter ended June 2008.