Tourism Finance Corp gains 5% after Rs 248-crore block deals

Shares of Tourism Finance Corp of India Ltd opened 5 percent higher after four  block deals involving 11.8 million shares of the company, Bloomberg reported.

The deal was closed at a valuation of Rs 248 crore, setting a tag of Rs 210 on each share. Moneycontrol could not immediately verify the details of the buyers and sellers.

At 9.15am, the stock was trading at Rs 220 on the BSE, up 5 percent from its previous close, while the benchmark Sensex rose 0.03 percent to 72,727 points.

The stock hit 5 percent upper circuit for four out of five straight sessions. So far 2024, it jumped around 73 percent.

Recently, the firm reported robust earnings for its December quarter. Net interest income in the December quarter stood at Rs 27.51 crore, compared to Rs 22.99 crore a year ago. Net profit was at Rs 27.59 crore as against Rs 18.38 crore a year ago.

NIM as of December 2023 was at 4.57 percent compared to 5.34 percent a year ago. Net NPAs declined to 1.38 percent in the quarter from 3.56 percent last year.

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