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This is an archive article published on October 4, 2011

Macquarie sees rupee hitting PFC stock

Macquarie expects Power Finance Corp PFC to book a large mark-to-market loss.

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Macquarie expects Power Finance Corp PFC to book a large mark-to-market loss in second quarter of FY12 due to unhedged foreign currency liabilities and sharp fall of the rupee.

PFC has 50 billion rupees of foreign currency liabilities,out of which 86 percent is unhedged,Macquarie said in a note.

We think the hit in 2Q12 due to adverse movement in the Yen and USD compared to the Indian rupee INR could be as much as 5 billion rupees or 50 percent of estimated pre-tax-profits for the quarter,Macquarie said in a note maintaining a outperform rating with a stock target price of 190 rupees.

At 11.32 a.m shares were at 139.35 rupees,down 2.07 percent.

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