Shares of IFCI, the state-run non-deposit taking non-banking finance company (NBFC-ND), surged as much as 12% to hit an intraday high of ₹54.90 on the National Stock Exchange on Monday, January 12. According to data from BSE, IFCI shares touched an intraday high of ₹54.88 on the BSE, also rising 12%. The stock witnessed exceptionally high trading activity with volume spiking 31 times to 13.17 crore shares compared with an average trading volume of 42.11 lakh shares. On the BSE, as many as 1.22 crore shares changed hands compared with an average of 9.87 lakh shares traded daily in the past two weeks.
With Monday's gains, IFCI emerged as the top gainer in the NIFTY Smallcap 100 index. As of 1:36 pm, according to reports from Upstox, IFCI shares traded 11.71% higher at ₹54.75, significantly outperforming the NIFTY Smallcap 100 index which was down nearly 1%.
The company last week informed exchanges that the Assistant Commissioner of Income Tax has passed an order under section 154 of the Income Tax Act, 1961, whereby additional demand of ₹13.64 crore has been raised on account of reduction in the brought-forward losses. As reported by the company, the Department, while passing the rectification order, has reduced the brought-forward losses in the computation of income for Assessment Year 2019-20.
According to IFCI's statement, the assessment order and demand thereof for Assessment Year 2019-20 is already being contested before CIT(A). The company has already obtained a stay against the existing demand and an application for stay of additional demand is also being filed. IFCI noted that it has sufficient MAT credit available for set-off against the outstanding demand.
The company also announced that its board will meet on January 29 to consider and approve the standalone and consolidated financial results for the quarter ended December 31, 2025. This upcoming board meeting will provide investors with the company's Q3 performance metrics.
