Power Finance (BOM:532810)

QUOTE AND NEWS
Reuters  Sep 1  Comment 
The government on Monday invited bids from investment banks to manage planned share sales in state-run Power Finance Corp Ltd (PFC) and Rural Electrification Corp Ltd (REC), which could raise a combined $515 million.
The Economic Times  Jul 4  Comment 
"We are focusing on the companies which are either equipment suppliers or which are financers. We are not looking into cos considered dividend yield stories."
The Hindu Business Line  Jun 20  Comment 
State-owned Power Finance Corporation has received shareholders’ approval for raising up to Rs 44,000 crore through issue of securities in the current financial year. PFC is a leading len...
Forbes  May 27  Comment 
On-site solar power installations have boomed in recent years, largely as a result of third party financing. Clean Power Finance had a lot to do with that.
The Economic Times  May 26  Comment 
"Power Finance Corporation Ltd is a 'BUY' call with a target of Rs 335 and a stop loss of Rs 300."
Cloud Computing  May 7  Comment 
Clean Power Finance® (CPF), the financial services and software provider for the residential solar industry, today announced that Credit Suisse has committed capital as the lead investor in a $200 million fund to finance...
The Economic Times  May 7  Comment 
Power Finance is a 'BUY' call with a target of Rs 205 and a stop loss of Rs 195.
The Economic Times  Apr 3  Comment 
Power Finance Corporation Ltd is a ‘SELL’ call with a target of Rs 175 and a stop loss of Rs 192.
The Economic Times  Apr 2  Comment 
Power Finance is a 'BUY' call with a target of Rs 200 and a stop loss of Rs 192.




 

Power Finance Corporation (PFC) is a leading power sector public financial institution and a non-banking financial company (NBFC) providing fund and non-fund based support for the development of the Indian power sector. PFC commenced its operations in fiscal 1988 as part of the Government of India’s initiative to enhance funding of power projects in India. It initially provided funding to power projects for state electricity boards (SEBs) and power departments. In line with the government’s decision to encourage private sector participation, it began financing power projects in the private sector from fiscal 1997. It has been designated as the nodal agency by the Government of India for the development of seven ultra mega power projects. As of November 30, 2006, the company had incorporated seven wholly owned subsidiary companies to act as special purpose vehicles (SPVs) for these projects. The NBFC was granted ‘Navratna’ status in 2007.


In FY09, PFC reported 25% YoY growth in net interest income on the back of 25% YoY growth in advances. Despite of decline in approvals, disbursements were higher by 30%. The difference in sanctions and disbursements is because PFC is a project driven organization. Net interest margin improved from 3.7% in FY08 to 3.8% in FY09.The quality of PFC's loan portfolio continued to be excellent, with gross non-performing loans at just 0.02% of total loan portfolio.


PFC will continue to maintain its good asset quality position due to its strong credit and project appraisal skills and disciplined risk management practices. Its ability to access long term funding sets it apart from financial institutions in the private sector. Given the investment opportunities in infrastructure segment, particularly power, the growth potential is immense. The softening of interest rates also reduces the likelihood of bad debts.

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