FIIs Bought 35,78,506 Shares: Heavy Buying In This Multibagger Stock Under Rs 70; Scrip Jumps Over 15 Per Cent On November 25
The stock gave multibagger returns of 170 per cent in just 1 year whereas BSE Sensex Index is up by 22 per cent.
Today, the stock market was trading in green with the BSE Sensex Index up 1.50 per cent and the NSE Nifty-50 Index up 1.60 per cent. Along with the market in green, one multibagger stock gained over 15 per cent to an intraday high of Rs 66.79 per share from its previous closing of Rs 58 per share; being one of the Top Gainers on NSE. The shares of the company saw a spurt in volume by more than 3 times.
The stock name is Industrial Finance Corporation of India Ltd (IFCI Ltd).
IFCI Ltd, formerly called the Industrial Finance Corporation of India, is a government-owned non-banking financial institution established in 1948 specifically to provide long-term financial backing for industrial projects in India. The company, now a Non-Banking Financial Company (NBFC), supports a wide range of industries including airports, roads, telecommunications, power, real estate, manufacturing and the service sector.
In its Quarterly Results, the net sales for the second quarter of FY25 surged 2 per cent to reach Rs 617.14 crore, a significant increase from the Rs 606.84 crore generated in the same period of the previous fiscal year. The company reported a net loss of Rs 102.27 crore in Q2FY25 compared to a net loss of Rs 78.09 crore in Q2FY24. In H1FY25, the net sales increased by 8 per cent to Rs 1,004.94 crore and net profit increased by 123 per cent to Rs 96.92 crore compared to H1FY24.
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The company achieved a significant financial turnaround in FY24. Its net sales experienced growth, increasing by 17.2 per cent to reach Rs 1,986.58 crore compared to the Rs 1,694.64 crore recorded in FY23. More importantly, the company successfully ended a five-year streak of losses by reporting a net profit of Rs 241.05 crore in FY24. This represents a substantial turnaround and a remarkable 301.2 per cent improvement from the net loss of Rs 119.78 crore incurred in FY23.
FIIs bought 35,78,506 shares and increased their stake to 2.54 per cent in September 2024 compared to 2.40 per cent in June 2024. The company has a market cap of over Rs 16,000 crore. The stock gave multibagger returns of 170 per cent in just 1 year whereas BSE Sensex Index is up by 22 per cent. Investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.