Shares of IFCI rallied 8% to hit a fresh 52-week high while those of LIC, SBI and other companies jumped up to 2% on Wednesday amid rising expectations around the National Stock Exchange (NSE) filing its draft IPO papers with market regulator SEBI this week.
IFCI shares jumped nearly 8% to trade at Rs 95.8 apiece on NSE, before paring some gains. The rally was driven by the fact that IFCI owns a 52.86% stake in Stock Holding Corporation of India (SHCIL), which in turn, holds 4.4% of NSE as of the December quarter. Through its controlling interest in SHCIL, IFCI enjoys indirect exposure to NSE, making its stock particularly sensitive to developments related to the exchange’s IPO. The stock has soared more than 51% in just one month.
