IFCI shares, which closed at Rs 30.95 on January 12 this year, hit a high of Rs 63.87 in early trade on Thursday. The multibagger stock hit a 52-week high of Rs 64.02 on January 30, 2024. 
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IFCI shares, which closed at Rs 30.95 on January 12 this year, hit a high of Rs 63.87 in early trade on Thursday. The multibagger stock hit a 52-week high of Rs 64.02 on January 30, 2024. Shares of IFCI, previously Industrial Finance Corporation of India, have zoomed 106% in two weeks. The financial stock, which closed at Rs 30.95 on January 12 this year, hit a high of Rs 64 in early trade on Thursday. The multibagger stock hit a 52-week high of Rs 64.02 on January 30, 2024.
IFCI shares are trading in the overbought zone as the relative strength index (RSI) of IFCI stands at 87.9.
Shares of IFCI saw a turnover of Rs 37.91 crore today with 60.49 lakh shares changing hands on BSE. In early trade today, IFCI stock rose 4.64% to Rs 64 against the previous close of Rs 61.16 on BSE. Market cap of the firm climbed to Rs 15,799 crore on BSE.
IFCI stock fell to a 52-week low of Rs 9.03 on March 28, 2023. IFCI stock has zoomed 419% in the last one year. In the current year, the stock has rallied 118.45%. IFCI stock has a one-year beta of 1.2, indicating high volatility during the period. IFCI stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
Abhijeet from Tips2trades said, “IFCI stock price looks overbought on the Daily charts with strong resistance at Rs 65. Investors should book profits at current levels as a daily close below a support of Rs 55 could lead to target of Rs 47 in the near term."
Gaurav Bissa, Vice-President, InCred Equities said, "IFCI witnessed a strong breakout from a 16-year descending channel pattern on the monthly charts with strong volumes. It witnessed follow up volumes with positive price action. However, the stock has achieved the channel breakout target after moving from 20 levels to 60 recently. Thus, it is advised to book profit in IFCI."
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher said, “The stock has witnessed a significant rally in the last one week from Rs 32 level to make a high of Rs 63.85 where it has found some resistance and with some profit booking seen has slipped down to some extent. The near-term support is around Rs 53 zone and another round of momentum can be expected in the coming sessions. The next near-term target is at around Rs 67.50 and thereafter with strength sustaining has Rs 74 levels as the second target.”
IFCI will announce its earnings for the quarter ended December 2023 on February 9.
IFCI logged a profit of Rs 83.8 crore in Q2 of this fiscal against Rs 109.5 crore in the corresponding quarter of this fiscal.
Revenue from operations in Q2 rose to Rs 166.6 crore as against Rs 126.2 crore reported a year ago. The earnings per share of the company was Rs 0.3 in the September 2023 quarter as compared with Rs 0.5 in the year-ago period.
IFCI is a public limited company, registered under the Companies Act, 1956. IFCI is also registered with the Reserve Bank of India (RBI) as a Systemically Important Non-Deposit taking Non-Banking Finance Company (NBFC-ND-SI) and is also a notified Public Financial Institution under Section 2(72) of the Companies Act, 2013.
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