PFS surges on sanctioning loans aggregating Rs. 716 crore
The company made this announcement after market hours on Friday, 18 November 2011.
Meanwhile, the BSE Sensex was down 136.07 points, or 0.83% to 16,235.44.
On BSE, 300 shares were traded in the counter as against average daily volume of 44,164 shares over the past one quarter.
The stock had hit a record low of Rs. 12.95 on Friday, 18 November 2011. The stock had hit a record high of Rs. 28 on 30 March 2011.
The small-cap stock had underperformed the market over the past one month till 18 November 2011, declining 15.81% compared with the Sensex’s 2.25% fall. The scrip had also underperformed the market in past one quarter, sliding 25.43% as against 0.6% decline in the Sensex.
The company has an equity capital of Rs. 562.08 crore. Face value per share is Rs. 10.
PTC India Financial Services (PFS) has sanctioned financial assistance aggregating Rs. 716 crore to 4 power projects in the current quarter taking the aggregate amount of loan sanctions to Rs. 2255 crore till date in FY 2012 (year ending March 2012). This exceeds the aggregate amount sanctioned during the entire FY 2011 (year ended March 2011) which was Rs. 1658 crore, the company said in a statement.
PFS said it has loan pipeline of projects both for long term and mezzanine funding, which offers potential for additional sanction of more than Rs. 4000 crore. The effective undisbursed debt sanction as on 30 September 2011 was Rs. 3102 crore. Increase in exposure norms on PFS becoming an infrastrcuture finance company, and increase in net worth on capital raising through IPO in March 2011, has increased the lending business of PFS significantly, the company said in a statement.
PTC India Financial Services also said that the company has executed necessary agreements for divesting its part stake in Indian Energy Exchange (IEX). Application for FIPB approval is being made, the company added. The company also said that during FY 2011, it had divested 4.88% stake in IEX at Rs. 115.41 per share which was subscribed by PFS at face value of Rs. 10 per share.
PTC India Financial Services’ net profit rose 10.9% to Rs. 22.64 crore on 59.9% growth in total income to Rs. 57.82 crore in Q2 September 2011 over Q2 September 2010.
PFS is non-banking finance institution promoted by PTC India. The company offers an integrated suite of financial services with a focus on infrastructure development, including providing debt financing (short-term and long-term) and making principal investments in, private sector Indian companies in the power sector, including power generation, equipment supply and fuel source projects. PFS is currently focused primarily on power generation projects in India and also provides fee based syndication and other services as well as carbon credit financing against Certified Emissions Reduction (CER). It also received the Infrastructure Finance Company (IFC) status in FY 2011