Power Finance Corp's share price erased losses after the company reported a rise in its net profit for third quarter. Its consolidated net profit rose 23.3% on the year to Rs 5,829 crore versus Rs 4,727 crore.
Power Finance Corp reported that its total income rose 13.7% on the year to Rs 26,822 crore compared to Rs 23,593 crore. Net interest income rose 16.3% on the year to Rs 9,840 crore from Rs 8,456 crore.
Moreover, Power Finance Corp announced a dividend of Rs 3.5 per share.
Shortly after reporting third quarter figures, Power Finance Corp share price rose 2.33% to Rs 384.25 apiece. It was trading 1.03% higher at Rs 379.35 apiece as of 1:43 p.m., as compared to 0.01% decline in the NSE Nifty 50 index.
Earlier in the day, Power Finance Corp share price fell 3.53% to Rs 362.25 apiece.
The stock declined 10.61% in 12 months. Total traded volume so far in the day stood at 1.9 times its 30-day average. The relative strength index was at 38.49.
Twelve analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 57.5%.
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