IIFL Finance at new high

IIFL Finance, which had closed yesterday at Rs.271.30, opened at Rs.281.95 and went on to Rs.292, hitting a new 52-week high. Its 10% UC for the day is at Rs.298.40.

The stock hit the high after it was known that it has won the bid to acquire around 1.1 million demat accounts held by Karvy Stock Broking with NSDL and CDSL. The trading accounts bid was won by Axis Securities.

And the company, yesterday, raised Rs 100 crore through NCDs on a private placement basis. It said NCDs would be listed on the NSE. These NCDs carry an interest rate of 7.7%/annum.