President of India's portfolio bought 12.4 lakh shares & FIIs bought 58.26 lakh shares in Q1: Heavy buying in this multibagger stock under Rs 100; Jumps over 13 per cent today!
The stock gave multibagger returns of 440 per cent in just 1 year whereas BSE Sensex Index is up by 26 per cent.
Today, the stock market was trading in green with Sensex Index up 0.26 per cent and Nifty-5O Index up 0.32 per cent. Along with the market in green, one multibagger stock gained over 13 per cent to an intraday high of Rs 79.90 per share from its previous closing of Rs 70.65 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 shares of the company saw a spurt in volume by more than 9 times on BSE.
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 first quarter of FY25 surged 21.24 per cent to reach Rs 387.80 crore, a significant increase from the Rs 319.85 crore generated in the same period of the previous fiscal year. The company reported a net loss of Rs 87.97 crore in Q1FY25 compared to a net loss of Rs 129.36 crore in Q1FY24.
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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.
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 June 2024 compared to 70.31 per cent in March 2024. Furthermore, FIIs bought over 58.26 lakh and increased their stake to 2.40 per cent in June 2024 compared to 2.29 per cent in March 2024. The company has a market cap of over Rs 20,000 crore. The stock gave multibagger returns of 440 per cent in just 1 year whereas BSE Sensex Index is up by 26 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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