IFCI Share Price Hits Over Two-Month High

IFCI share price snapped a two-day losing streak on Wednesday. The stock price jumped over 7% without any fundamental trigger.

IFCI will hold its 32nd annual general meeting on Oct 29 at 11:30 a.m., through audiovisual mean, the company said Monday in an exchange filing. The company has set Oct 22 as the cutoff date for determining the voting rights of shareholders through remote e-voting and e-voting at the annual general meeting.

The remote e-voting period will commence on Oct 26 and end on Oct 28, according to data on the exchange filing. The period of book closure is from Oct 23 to Oct 29.

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.

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IFCI share price jumped 7.19% to Rs 60.69 apiece, the highest level since July 25. It pared some gains to trade 6.06% higher at Rs 60.05 apiece as of 10:05 a.m., compared to 0.20% advance in the NSE Nifty 50 index.

The stock declined 4.59% in 12 months and 2.84% on a year-to-date basis. Total traded volume so far in the day stood at 7.3 times its 30-day average. The relative strength index was at 63.67.

IFCI share price hit a 52-week high of Rs 74.50 apiece on May 29, while it fell to a 52-week low of Rs 36.20 on April 7. From its 52-week low, the stock has risen 65.64%, while from its 52-week high IFCI share price has fallen 19.52%.