Earlier this month, PFC announced a second interim dividend of 30 percent for the current fiscal year while releasing its September quarter results.
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The shares of the state-owned Power Finance Corporation Ltd. (PFC) rose in intraday trade on Friday to hit a 52-week high. PFC shares peaked at Rs.136.70.
The stock price also hit a 52-week high in the previous session as the stock flipped ex-dividend on Thursday. Earlier this month, PFC announced a second interim dividend of 30 percent for the current fiscal year while releasing its September quarter results.
The Executive Board has set November 25 as the record date for determining the shareholders’ entitlement to pay a second interim dividend for the current financial year.
PFC added that the date of payment or dispatch of the interim dividend must be on or before December 9, 2022.
On Monday, PFC announced that it has formed two special purpose vehicles (SPVs) for the development of independent transmission projects as wholly owned subsidiaries of PFC Consulting (a wholly owned subsidiary of Power Finance Corp).
One of the SPVs is Raipur Pool Dhamtari Transmission Ltd., which will develop the Western Region Expansion Program – XXVII, while the other is Dharamjaigarh Transmission Ltd. is that will develop the expansion programs for the western region – XXVIII and XXIX.
In the September quarter, PFC reported its highest ever quarterly profit after tax of Rs.5,229.33 crore, up 4 per cent from Rs.5,023.42 crore in the same period last year. Total revenue increased to Rs. 19,344.39 crore from Rs. 19,282.60 crore in the same period last year.
Shares in Power Finance Corporation are currently trading at Rs 136.35, up 5.62 percent.
(Edited by: Rukmani Krishna)