Nirmal Bang, one of the leading equity research-cum-broking house, has recommended a buy on IDFC with a target of Rs 165.

In latest research report, the firm said that IDFC is clearly a buy, so investors can accumulate the stock on dips and hold.

In addition, the firm has suggested a support level for the scrip at Rs 131.

Today, the shares of the company opened at Rs 145.25 on BSE. Current EPS and P/E of the stock stood at 5.68 & 25.54 respectively.
The share price has seen a 52-week high of Rs 142.80 and a low of Rs 44.15 on BSE.

On May 05, Infrastructure Development Finance Company (IDFC) has allotted 1,50,000 options equivalent to 150,000 equity shares at Rs 85.60 per equity shares to its employees, pursuant to IDFC employee stock option scheme 2007.

In April 2009, the company said that it is looking for a mid-size private sector banking institution that could lend the company a banking position via a share swap pact to make entry into the banking segment.

It was also discovered that IDFC, which has been trying to get a banking license from the central bank, has nominated 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 amalgamation.

IDFC, in March 2009, helped Essar Power for lifting up an equity investment of Rs 3.5 billion for partially funding its ongoing projects.

Essar Power stated that IDFC investment undoubtedly shows that projects with strong business fundamentals can still attract investment even during these challenging times.