THE recently-listed Infrastructure Development Finance Company rose on Monday on fresh buying by institutional investors. Dealers said the buying interest has come on talk of the company laying more emphasis on fee-based income.
The talk is that the company is planning to double the share of fee-based income from 14 per cent to 30 per cent in its total income in the next couple of years. This is being done to offset the fall in interest spread on its lending business.
The launch of company's second private equity fund is also seen as positive for the stock.
In addition, the company has set-up a team for equity investment and quasi-equity products. This is also being done to offset the fall in margins from its core business of lending.
On Monday, the stock closed at Rs 69.30, up 5.56 per cent, on the BSE with volumes of 6.79 lakh shares; on the NSE, it closed at Rs 69.40, up 5.55 per cent, with volumes of 20.84 lakh shares.
Patel Engineering gains on order talk PATEL Engineering is being accumulated by a section of market players. Dealers said this is being done on talk of the company bagging an order of around Rs 600 crore soon.
Details of the orders such as the clients name and tenure were not known. The company has already good order position and is growing by 100 per cent in the last three quarters over the corresponding quarters of previous year.
Other than this, the buying by Fidelity is also seen as positive.
On Monday, the stock rose 4.82 per cent at Rs 238.30 on the BSE with volumes of 84,141 shares; on the NSE, it closed at Rs 238, up 4.85 per cent, with volumes of 1.40 lakh shares.
Unjha Formulation up on molecules hopesUNJHA Formulation, a small-sized pharma company, has been on an upward move. In the last one week, the stock has risen by 43 per cent. On Monday, the stock rose 10 per cent at Rs 27.30 with volumes of 57,210 shares on the BSE.
Dealers said the interest in the stock is on talk of the company filing 4-5 molecules for patents soon. This will place it among the list of pharma companies that are focusing on R&D activities. Several traders see this stock could be re-rated once these new molecules are filed for patent.