PFC Ltd.'s share price erased losses after the company reported an increase in its net profit for the April–June quarter. Its consolidated net profit advanced 25% on the year to Rs 8,981 crore in the first quarter from Rs 7,182 crore.
Power Finance Corp's calculated net interest income rose 22.7% on the year to Rs 11,054 crore from Rs 9,006 crore.
The company has announced an interim dividend of Rs 3.70 per share.
In the previous quarter, PFC's consolidated total income advanced 19.4% on the year to Rs 13,721.47 crore from Rs 11,493.73 crore. The net profit advanced 24% on the year to Rs 5,108.90 crore from Rs 4,135.40 crore.
Shares of PFC rose as much as 0.94% to Rs 417.40 apiece. The stock had opened flat and declined 1.93% to Rs 405.5 apiece earlier in the day. The stock was trading 0.85% higher at Rs 416.6 apiece as of 1:31 p.m., compared to 0.10% decline in the NSE Nifty 50 index.
The stock declined 12.02% in 12 months, and 6.93% on year-to-date basis. Total traded volume so far in the day stood at 1.6 times its 30-day average. The relative strength index was at 52.02.
Thirteen analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 24.6%.
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