PTC India advances as unit files for IPO

capital market | Mumbai |

PTC India gained 2.26% to Rs 126.75 at 09:31 IST on BSE after a subsidiary -- PTC India Financial Services on Wednesday, 22 December 2010, filed a draft red herring prospectus with Securities & Exchange Board of India for initial public offer.

PTC India made the announcement after market hours on Wednesday, 22 December 2010.

Meanwhile, the BSE Sensex was up 23.22 points, or 0.12%, to 20,039.02

On BSE, 25,750 shares were traded in the counter as against an average daily volume of 1.53 lakh shares in the past one quarter.

The stock hit a high of Rs 128 and a low of Rs 125.70 so far during the day. The stock had hit a 52-week high of Rs 145.20 on 2 November 2010 and a 52-week low of Rs 86.80 on 15 June 2010.

The stock had had underperformed the market over the past one month till 22 December 2010, falling 3.69% compared with the Sensex's 0.29% rise. The stock, however, outperformed the market in past one quarter, gaining 8.73% as against 0.37% rise in the Sensex.

The mid-cap power trading firm has an equity capital of Rs 294.54 crore. Face value per share is Rs 10.

PTC India holds 77.6% stake (as on 31 March 2010) in financial services provider PTC India Financial Services.

PTC India's net profit rose 29.70% to Rs 39.95 crore on 0.50% rise in total income to Rs 2487.31 crore in Q2 September 2010 over Q2 September 2009.

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