Technical analyst Ashwani Gujral is of the view that traders can buy IDFC stock to achieve an intraday target of Rs 150.

According to Mr. Gujral, interested investors can purchase the stock on dips with a strict stop loss of Rs 123.

Shares of the company, on Friday (June 05), closed at Rs 133.55 on the Bombay Stock Exchange (BSE). Current EPS and P/E of the stock stood at 5.68 & 22.41 respectively. The share price has seen a 52-week high of Rs 150.70 and a low of Rs 44.15 on BSE.

Mr. Gujral said that the stock has great potential to rise on the back of healthy growth plans and strong operating capabilities.

On May 05, Infrastructure Development Finance Company (IDFC) has allotted 1,50,000 options equivalent to 150,000 equity shares at Rs 85.60 per equity shares to its employees, pursuant to IDFC employee stock option scheme 2007.

In April 2009, the company said that it is looking for a mid-size private sector banking institution that could lend the company a banking position via a share swap pact to make entry into the banking segment.

It was also discovered that IDFC, which has been trying to get a banking license from the central bank, has nominated two investment banking companies including IDFC- SSKI and Kotak Mahindra Capital as advisors for working out modalities on short listing a bank for a potential amalgamation.

IDFC, in March 2009, helped Essar Power for lifting up an equity investment of Rs 3.5 billion for partially funding its ongoing projects.

Essar Power stated that IDFC investment undoubtedly shows that projects with strong business fundamentals can still attract investment even during these challenging times.