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The stock price of IFCI witnessed a sharp rise on Tuesday as strategic sale talk once again resurfaced. The stock went up 5.7 per cent to Rs 48.9 against the previous day’s close of Rs 46.25. Trading volumes also jumped sharply to 2.15 crore shares against its two-week average volume of 84.59-lakh shares.

According to brokers, there was intense speculation in the market centred around on the possibility of the company convening a board meeting the company to consider the strategic sale plans once again. Recently, the CEO and Managing Director, Mr Atul Kumar Rai, had said the company has not given up the idea of a strategic investor. It may be recalled that the IFCI board aborted last year the process for 26 per cent equity sale to a strategic partner, as it did not agree with the bidder’s demand for management control.

When contacted, a company official said that the company has “no such proposals.”

K.S. Badri Narayanan

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