Date:11/05/2006 URL: http://www.thehindubusinessline.com/2006/05/11/stories/2006051103321500.htm

Back IFCI gains on turnaround story

IFCI attracted significant buying on the company's turnaround story. Its shares shot up by over 9 per cent on Wednesday to Rs 14.07, up from the previous close of 12.90.

Dealers said the company was able to bring down its net NPAs to nine per cent from about 29 per cent, reviving hopes of a higher growth in coming quarters. The FI is also looking for merger with a bigger financial institution during this fiscal or early next year, dealers said. The counter attracted volumes of over 1.72 crore shares on the BSE as compared to the two-week average of about 52 lakh shares.

Rajesh Abraham