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IFCI plans to convert ZCOCDs into equity

The Industrial Finance Corporation of India (IFCI) incorporated on July 1, 1948, as the first Development Financial Institution in the country to provide to the long-term finance needs of the industrial sector. The newly established DFI was provided access to low-cost funds through the central bank's Statutory Liquidity Ratio or SLR which in turn enabled it to provide loans and advances to corporate borrowers at concessional rates.

Technical Fact Sheet:

The board of IFCI has approved the conversion of ZCOCDs into equity and constituted a committee of directors for such conversion and compliance of such regulatory requirements, as required.

Accordingly, ZCOCDs amounting to about Rs 1,300 crore would be converted into such number of equity. The exact number of equity shares proposed to be issued on conversion would be determined after the relevant date.

Ganesha sees that Gemini Ascendant is with conjunction of Sun, Mercury and Venus in first house. Saturn is posited in watery sign, Cancer. Rahu and Moon are in conjunction in Aries. Transiting Saturn and Ketu are passing over Natal Mars, which brings inauspicious results in cash and futures market. However, Jupiter's transit from seventh house is propitious. Jupiter is the lord of both square houses. The foreign trades also prosper. Co-operation is extended by one and all to bring success and high reputation. Ganesha feels that due to the benefic aspect of Jupiter in fifth house from Natal Moon the board of IFCI has approved the conversion of ZCOCDs into equity.

Ganesha sees that the stock is continuously making new highs. The stock has started inclining since July 2007 and made new high on 6th December 2007 during the cinjunction of Moon and Venus in Swati Nakshatara. The company has strong enough planetary forces to shoot up the price of share. And, Ganesha says that company will make more turnover in both cash and futures market. It will attract more investor after December 2007.

Ganesha blesses this company with more turnovers in the years to come.

Ganesha's Grace,
Malav Bhatt
The Ganeshaspeaks Team