Share price of Power Finance Corporation edged higher by one per cent on Wednesday, June 16, a day after the company reported its January-March quarter results for the financial year 2020-21. On Wednesday, Power Finance Corporation opened on the BSE at Rs 129.30, swinging to an intra day high of Rs 132.85, and an intra day low of Rs 128.50, in the trading session so far. According to a regulatory filing by the company to the stock exchanges, Power Finance reported a net profit of Rs 8,444 crore on a standalone basis in the March quarter.
According to the statement, Power Finance Corporation or PFC registered a 49 per cent year-on-year jump in profit from the corresponding period of the previous fiscal, due to higher interest income and lower cost of funds.
Power Finance Corporation informed the stock exchanges that the company's board of directors recommended a final dividend at Rs 2 per equity share, subject to the deduction of TDS, on the face value of Rs 10 per share for the financial year 2020-21, after the approval of shareholders. This dividend is in addition to the interim dividend of Rs. 8 per equity share, for the ficsla year 2020-21, paid in March 2021.
On the NSE, Power Finance Corporation opened at Rs 129, registering an intra day high of Rs 132.90 and an intra day low of Rs 128.60, in the session so far. It was last trading 0.90 per cent higher at Rs 129 on the NSE.
Shares of Power Finance Corporation were last trading 1.06 per cent higher at Rs 129.15 on the BSE. Power Finance is a financial institution under the Ministry of Power. It is considered to be the financial backbone of the country's power sector.