As per views of technical analyst VK Sharma, day traders can purchase IFCI stock around Rs 61.50 to achieve an intraday target of Rs 68.
If the stock market remains positive, the next target for the day will be above Rs above 70. The stop loss marked for the suggested stock is Rs 58.75.
Shares of the company, on Wednesday (May 14), closed at Rs 61.50 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 17235429. Current EPS and P/E stood at 13.39 and 4.74 respectively. The share price has seen a 52-week high of Rs 121.2 and a low of Rs 36.7 on BSE.
The stock has much potential to climb to the target price as the company has good growth prospects considering its projects under implementation and influential future plans.
According to the sources Life Insurance Corporation of India (LIC) seeks to dilute its holding in IFCI.
The sources said that LIC has approached the IFCI management to lessen its holding from 11.39% to 8.39%, the level it was at prior to conversion of debt into equity earlier this year.
IFCI is waiting for the government nod about the strategy that it should adopt for restructuring the operations.
IFCI is involved in the activities of project finance, financial services, non-project specific assistance, and corporate advisory services.
Other stocks from the same sector that looks good for short term trading includes IDFC, Power Finance and Tourism Finance.