Shares of Power Finance Corporation (PFC) surged by nearly 4% on Friday as the stock nears its ex-dividend date of November 25 for its interim dividend of ₹3.50 per share. The dividend was declared earlier this month during the company’s board meeting on November 8.
Key Highlights:
- Dividend Details: PFC’s Board of Directors approved the 2nd interim dividend of ₹3.50 per equity share for FY24.
- Trading Update: As of 10:15 AM, PFC shares were trading 3.55% higher at ₹469.45 on the NSE.
Brokerage Outlook:
Despite concerns over REC Ltd’s exposure to the Adani Group, brokerage firm Bernstein remains optimistic about state-run power financing companies, including REC and PFC.
- PFC Rating: Bernstein maintains an “overweight” stance with a target price of ₹620, implying a 37% upside from Thursday’s close.
- REC Rating: REC also retains an “overweight” rating with a target price of ₹653, indicating a 33% potential upside.
Both companies are expected to continue delivering strong performance despite market concerns, driven by robust fundamentals and sectoral tailwinds.
