IFCI soars on reporting 24% rise in Q2 net profit

IFCI is currently trading at Rs. 40.05, up by 0.95 points or 2.43% from its previous closing of Rs. 39.10 on the BSE. The scrip opened at Rs. 39.65 and has touched a high and low of Rs. 40.20 and Rs. 38.95 respectively. So far 1324826 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 44.90 on 10-Jun-2014 and a 52 week low of Rs. 21.80 on 04-Feb-2014. Last one week high and low of the scrip stood at Rs. 40.80 and Rs. 37.65 respectively. The current market cap of the company is Rs. 6531.81 crore. The promoters holding in the company stood at 55.53% while Institutions and Non-Institutions held 21.09% and 23.38% respectively. IFCI has reported 23.86% rise in its net profit at Rs 173.79 crore for the quarter under review as compared to Rs 140.31 crore for the same quarter in the previous year. Total income of the company has increased 15.50% at Rs 874.33 crore for Q2FY15 as compared Rs 756.95 crore for the corresponding quarter previous year. IFCI was established with intent to provide long-term finance needs of the industrial sector. It founded and developed various institutions namely ICRA for credit assessment rating, Tourism Finance Corporation of India (TFCI) for promotion of the hospitality industry, among others.