IDFC slumps after results

Profit taking for a second day in a row pulled Infrastructure Development Finance Company 5.25% lower to Rs 55 at 9:56 IST on BSE, after good Q2 results.

The stock had declined 6.52% to Rs 58.05 yesterday, 22 October 2008, even as it had reported decent Q2 numbers during trading hours. The stock had surged 20.82% to Rs 62.10 on 21 October 2008, ahead of the results.

The BSE Sensex was down 443.06 points, or 4.36%, to 9,726.84.

On BSE, 27,332 shares were traded in the counter. The stock had an average daily volume of 42.77 lakh shares in the past one quarter.

The stock hit a high of Rs 56 and a low of Rs 53.60 so far during the day. The stock has a 52-week high of Rs 235 on 3 January 2008 and a 52-week low of Rs 47 on 10 October 2008.

The mid-cap stock had underperformed the market over the past one month till 22 October 2008, declining 28.95% as compared to the Sensex's decline of 27.33%. It had also underperformed the market in the past one quarter, declining 37.88% as compared to the Sensex's decline of 27.89%.

The company's current equity is Rs 1295.22 crore. Face value per share is Rs 10.

The current price of Rs 55 discounts the company's Q2 September 2008 annualized EPS of Rs 6.50, by a PE multiple of 8.46.

Infrastructure Development Finance Company (IDFC)'s net profit rose 17.27% to Rs 210.43 crore on 40.4% growth in total income to Rs 848.78 crore in Q2 September 2008 over Q2 September 2007.

IDFC provides infrastructure-financing services. It provides financing products and fee based services to infrastructure projects and asset management. The group also provides advisory services on energy, telecommunications and transportation sectors to the Government and corporate clients.