President of India’s portfolio bought 12,39,77,188 shares in Q1FY25 of this multibagger stock under Rs 80; Stock up by 7 per cent and LIC owns 1.86 per cent stake!
The stock gave multibagger returns of 475 per cent in just 1 year whereas BSE Sensex Index is up by 21 per cent.
Today, the stock market was trading flat with Sensex Index up 0.03 per cent and Nifty-5O Index up 0.02 per cent. Along with the market in green, At 10:00, one multibagger stock gained over 7 per cent to an intraday high of Rs 73.50 per share from its previous closing of Rs 68.25 per share. The company has not made any significant announcements of late. Hence, the rally in the share price could be driven purely by the market forces.
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 experienced a dramatic financial recovery during both its fourth quarter (Q4FY24) and the entire fiscal year (FY24). Its net sales for the final quarter of FY24 skyrocketed by 46.4 per cent to reach Rs 605.42 crore, a significant increase from the Rs 413.65 crore generated in the same period of the previous fiscal year. Even more impressively, the company successfully transformed from a net loss of Rs 241.18 crore in Q4FY23 to a net profit of Rs 157.32 crore in Q4FY24, marking a staggering 165.2 per cent improvement in its financial performance.
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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. This financial transformation indicates a positive shift in the company's overall 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 475 per cent in just 1 year whereas BSE Sensex Index is up by 21 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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