The non-banking financial company IFCI Ltd. extended its advance for the second day and hit over two-month high on Tuesday on hopes of the listing of the National Stock Exchange.
Securities & Exchange Board of India chief Tuhin Kanta Pandey on Saturday said that NSE is likely to receive a no-objection certificate from the regulator for its public issue by the end of this month.
According to shareholder information on the NSE, Stock Holding Corporation of India holds 4.4% stake. However, in 2024 IFCI received the approval to merge Stock Holding Corporation of India into itself. This means that IFCI through the Stock Holding Corporation of India holds stake in NSE, pushing the stock to its fresh two-month high.
ICRA in a December 20024 report had said, "IFCI will benefit from the sizeable stake held by Stock Holding Corporation (SHCIL) in the National Stock Exchange, thus improving its financial flexibility."
IFCI is a non-deposit taking, non-banking financial company in the public sector. It was set up in 1948 as a statutory corp. It is mandated to provide support for the diversified growth of industries. The company has six subsidiaries and one associate under its fold, according to data on its website.
IFCI is a nodal agency to monitor loans for the Sugar Development Fund since 1984.
IFCI provided financial support to projects like Adani Mundra Ports, GMR Goa International, Salasar Highways, NRSS Transmission, and Raichur Power Corp.
IFCI Share Price Today
IFCI shares hit over one-month high on Tuesday extending advance for the second consecutive session. The scrip rose as much as 5.62% to Rs 59.60 apiece on Tuesday, highest level since Oct. 31. It pared losses to trade 2.68% higher at Rs 57.97 apiece, as of 9:56:23 a.m. This compares to a 0.25% decline in the NSE Nifty 50 Index.
It has risen 12.51% in the last 12 months. Total traded volume so far in the day stood at 5.03 times its 30-day average. The relative strength index was at 66.10.
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