IDFC surged 4.52% to Rs 140 at 11:12 IST on BSE after an investment bank upgraded the stock to overweight from underweight.
Meanwhile, the S&P BSE Sensex was up 126.76 points or 0.49% at 26,088.82
On BSE, so far 12.41 lakh shares were traded in the counter as against average daily volume of 11.84 lakh shares in the past one quarter.
The stock hit a high of Rs 140.90 and a low of Rs 137 so far during the day. The stock hit a 52-week high of Rs 147.15 on 26 May 2014. The stock hit a 52-week low of Rs 76.25 on 28 August 2013.
The stock had underperformed the market over the past one month till 4 July 2014, falling 1.4% compared with 4.66% rise in the Sensex. The scrip also underperformed the market in past one quarter, gaining 7.2% as against Sensex's 16.11% rise.
The large-cap company has an equity capital of Rs 1516.83 crore. Face value per share is Rs 10.
A foreign investment bank upgraded the IDFC stock to "overweight" from "underweight" citing potential benefits after RBI Governor Raghuram Rajan hinted at the possibility of exempting banks from liquidity ratio norms when raising debt for infrastructure.
The foreign investment bank said that IDFC's under-performance recently may be unjustified given its "good management, strong balance sheet, and diversified financial presence."
IDFC in April this year received in-principle approval for banking license from the Reserve Bank of India.
IDFC's consolidated net profit declined 50.9% to Rs 257.94 crore on 0.1% growth in total income to Rs 2219.57 crore in Q4 March 2014 over Q4 March 2013.
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.
Powered by Capital Market - Live News
