Nirmal Bang has maintained ‘Buy’ rating on IDFC stock to achieve a target of Rs 93 within 1 to 5 days.

Interested traders can buy the stock on dips with a stop loss of Rs 77.

Shares of the company, on Monday (May 04), closed at Rs 85.30 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 182.55 and a low of Rs 44.15 on BSE. Current EPS and P/E of the stock stood at 5.68 & 14.96 respectively.

According to Nirmal Bang, the stock has seen lots of gains in the past few weeks, so buy the stock, it will prove that it’s definitely a strategic stock.

The non-banking finance company IDFC, on April 30, has introduced a private equity fund-of-funds unit based out of Singapore, IDFC Capital Pte Ltd.

The new division has started lifting a $500 million Asia-focused fund.

The fund is looking for making investment in private equity managers centered on mid-market, growth-focused investments in Asian promising market areas, mainly China and India.

IDFC has decided to commit $50 million to the fund and is projecting close later this year. IDFC Capital will also distribute fund to some other Asian promising markets and Southeast Asia. It will also look at other rising markets such as Sub-Saharan Africa.

In April 2009, IDFC declared that it is in search of a mid-size private sector banking institution that could provide it a banking rank via a share swap agreement to foray into the banking segment.

It is discovered that IDFC has named two investment banking companies including IDFC-SSKI and Kotak Mahindra Capital as advisors for working out modalities on short listing a bank for a potential combination.

The target size of the agreement was estimated to be around Rs 30-35 billion.

IDFC, on March 20, assisted Essar Power for lifting an equity investment of Rs 3.5 billion for partially funding its continuing projects.

Essar Power said that IDFC investment clearly point outs that projects with well-built business fundamentals can still draw investment even in these tough times.