IFCI shares gain over 7% after stake sale in NEDFi for Rs 122 crore
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IFCI shares surged 7.30% to Rs 54.12 during Wednesday’s trading session after the company disclosed the sale of its equity stake in North Eastern Development Finance Corporation Ltd (NEDFi). In an exchange filing to the BSE, IFCI announced that it has monetised its 10% equity holding in NEDFi, consisting of 1 crore equity shares acquired at a cost of Rs 10 crore. The stake was sold for a total consideration of Rs 121.77 crore, resulting in significant value realisation for the company. Despite the sharp rally, the stock is still trading well below its 52-week high of Rs 74.50. The 52-week low for the stock stands at Rs 36.20. Over the past year, IFCI shares have declined by around 13%, though the stock has delivered a strong rally of nearly 300% over the last three years. From a valuation perspective, IFCI is currently trading at a price-to-earnings (P/E) ratio of 35.81, while its price-to-book (P/B) ratio stands at 0.9. On the technical ...