Stocks

IFCI jumps to 1-month high

BL Internet Desk November 27 | Updated on November 27, 2018 Published on November 27, 2018

Shares of non-banking financial company IFCI Ltd jumped as much as 7 per cent to Rs 14.6, in biggest daily percentage gain in nearly a month as the company has received ₹491.84 crore towards security receipts under the IBC resolution plan for Binani Cement.

On account of resolution of Binani Cement through NCLT, IFCI, which is holding 42,16,850 security receipts of the face value of ₹1,000 each, has received ₹491.84 crore, net of TDS of ₹30.55 crore.

IFCI stock hit its highest level in over two weeks. More than 7.5 million shares traded as of 0422 GMT, 1.7 times their 30-day average of 4.4 million shares.

(With inputs from Reuters)

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Published on November 27, 2018
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