Moneycontrol
Jan 31, 2013 03:52 PM IST | Source: Moneycontrol.com

PFC rises nearly 3% on UBS buy report post Q3 earnings

State-owned Power Finance Corporation (PFC) rose nearly 3 percent in early trade on Thursday as the research firm UBS has recommended a buy rating on the stock with a target price of Rs 250.

PFC rises nearly 3% on UBS buy report post Q3 earnings

State-owned Power Finance Corporation (PFC) rose nearly 3 percent in early trade on Thursday as the research firm UBS has recommended a buy rating on the stock with a target price of Rs 250.


"Tailwinds for the stock persist due to the ongoing power sector reforms and SEB (State Electricity Board) restructuring," UBS added. The research firm expects 21 percent loan growth for the company in financial year 2013-14.


Meanwhile, net profit of the company rose marginally to Rs 1,117 crore (ahead of expectations) in the third quarter of financial year 2012-13 from Rs 1,108 crore in a year ago period.


Net interest income jumped 41 percent - in-line with forecast - to Rs 1,548 crore from Rs 1,097 crore during the same period. Analysts on an average were expecting profit after tax at Rs 1,018 crore and net interest income at Rs 1,546 crore for the October-December quarter.


At 10:02 hours IST, shares went up 2.56 percent to Rs 212 on Bombay Stock Exchange.

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