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Shares of state-owned Power Finance Corporation Ltd. (PFC) surged in intra-day trade on Friday to hit their highest level in 52 weeks. The PFC stock hit a high of Rs 136.70.

The share price also hit a 52-week high in the previous session as the stock had turned ex-dividend on Thursday. PFC had earlier this month announced a second interim dividend of 30 percent for the current financial year while reporting its September quarter results.

The board decided on November 25 as the record date for the purpose of ascertaining the eligibility of shareholders for the payment of a second interim dividend for the current financial year.

PFC added that the date of payment or dispatch of the interim dividend shall be on or before December 9, 2022.

On Monday, PFC said that it incorporated two special purpose vehicles (SPVs) for the development of independent transmission projects as wholly owned subsidiaries of PFC Consulting (a wholly owned subsidiary of Power Finance Corp).

One of the SPVs is Raipur Pool Dhamtari Transmission Ltd. which will develop Western Region Expansion Scheme - XXVII, while the other is Dharamjaigarh Transmission Ltd. which will develop Western Region Expansion Scheme-XXVIII and XXIX.

In the September quarter, PFC reported its highest-ever quarterly profit after tax of Rs 5,229.33 crore, up 4 percent from Rs 5,023.42 crore during the year-ago period. Total income rose to Rs 19,344.39 crore from Rs 19,282.60 crore in the same period a year ago.

Shares of Power Finance Corporation are currently trading at Rs 136.35, up 5.62 percent.

(Edited by : Rukmani Krishna)