Maharatna Power Stock Declares 3rd Interim Dividend, Record Date Decided, Buy?

Large cap Maharatna Power sector stock, Power Finance Corporation Ltd declared 3rd interim dividend on February 13, 2023. The company fixed February 24, 2023 as the record date. The last trading price of the stock is Rs 141.40 apiece. ICICI Securities has assigned buy call with a target price of Rs 191 apiece. If you buy PFC, you can get likely return of 35%. Check details below:

1. Power Finance Corporation Stock Performance & Return

The last trading price of the stock is Rs 141.40 apiece with intraday decline of 2.98%. The stock's 52-week high is Rs 161.90 apiece and 52-week low is Rs 97.15 apiece, respectively.

The stock rallied 17% in last 3-months, 17% again in last 6-months, and 16% in last 1-year. The large cap stock has a market capitalisation of Rs 37,330.76 crore.

2. Power Finance Corporation Announces Dividend

According to company's BSE filing, "BoD of PFC in its meeting held on 13th Feb, 2023 have inter alia considered and approved declaration of third interim dividend @ Rs.3.50 per equity share (subject to deduction of TDS) on the face value of the paid-up equity shares of Rs 10/- each for the FY 2022-23. Further, it is to inform that Friday, 24th Feb, 2023 shall be reckoned as the 'Record Date' for purpose of ascertaining eligibility of shareholders for payment of Third Interim Dividend for the FY 2022-23."

3. Power Finance Corporation Valuation

According to ICICI Securities' brokerage report dated November 10, 2022, "Maintain BUY with an unchanged target price of Rs191 (0.8x FY24 P/ABV)." Two more projects namely Ind Barath Energy (Utkal) (Rs13.7bn) and LANCO Amarkantak (Rs23.7bn) are in advanced stages of resolution and will keep stress pool under check.

4. About Power Finance Corporation

Incorporated on July 16th, 1986, Power Finance Corporation Ltd. is a Schedule-A Maharatna CPSE, and is a leading Non-Banking Financial Corporation in the Country. PFC's registered office is located at New Delhi and regional offices are located at Mumbai and Chennai. PFC is under the administrative control of the Ministry of Power.

PFC was conferred the title of a 'Maharatna CPSE' in Oct.,2021, and was classified as an Infrastructure Finance Company by the RBI on 28th July,2010, according to its official website.

Disclaimer

The stock has been picked from the brokerage report of ICICI Securities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.