President of India bought 12,39,77,188 shares of this multibagger stock under Rs 75; LIC owns 1.86 per cent stake & Stock zooms over 13 per cent!
The stock gave multibagger returns of 463.3 per cent in just 1 year whereas BSE Sensex Index is up by 23 per cent.
Today, the stock market was trading in green with Sensex Index up 0.70 per cent and Nifty-5O Index up 0.78 per cent. Along with the market in green, one multibagger stock gained over 13 per cent to an intraday high of Rs 70.50 per share from its previous closing of Rs 62.11 per share with a spurt in volume by more than 5 times on BSE. Life Insurance Corporation of India (LIC) owns a 1.86 per cent stake in the company as of April 2024.
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.
The company delivered a financial turnaround, boasting strong performance in both its fourth quarter (Q4FY24) and full fiscal year (FY24). Net sales for Q4FY24 surged by 46.4 per cent, reaching Rs 605.42 crore compared to Rs 413.65 crore in Q4FY23. Even more impressive, the company swung from a net loss of Rs 241.18 crore in Q4FY23 to a net profit of Rs 157.32 crore in Q4FY24, representing a remarkable 165.2 per cent increase.
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The company showed a strong turnaround in its financial performance for FY24. Net sales climbed 17.2 per cent to Rs 1,986.58 crore compared to Rs 1,694.64 crore in FY23. Even more significantly, the company ended a five-year streak of net losses by reporting a turnaround net profit of Rs 241.05 crore in FY24, a substantial increase of 301.2 per cent compared to the net loss of Rs 119.78 crore in FY23. This marks a positive shift in the company's financial health.
The President of India's portfolio (under the ownership of the Ministry of Finance, Government of India) bought 12,39,77,188 shares and increased their stake to 71.72 per cent in April 2024 compared to 70.31 per cent in March 2024. The company has a market cap of over Rs 18,000 crore. The stock gave multibagger returns of 463.3 per cent in just 1 year whereas BSE Sensex Index is up by 23 per cent. Investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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