Homemarket Newsstocks News

REC shares gain the most in five months after 19 lakh shares change hands

REC shares gain the most in five months after 19 lakh shares change hands

REC shares gain the most in five months after 19 lakh shares change hands
Read Time
2 Min(s) Read
Profile image

By CNBCTV18.com Nov 25, 2022 2:43:37 PM IST (Published)

REC shares have been on an upswing over the past week, with the stock jumping over 10 percent in the last five trading sessions.

wealth-desk wealth-desk

Buy / Sell REC share

Recommended Articles

View All

Shares of state-owned REC Ltd. rallied as much as 6 percent in intra-day trade on Friday, logging their best day in over five months.
The rally saw the REC stock hitting its 52-week high of Rs 109.60 amid high trading volumes. Data showed that around 19 lakh shares exchanged hands in a large trade on the stock counter.
Notably, REC shares have been on an upswing over the past week, with the stock jumping over 10 percent in the last five trading sessions.
Last month, REC shared its earnings results for the September quarter. The company’s consolidated net profit rose 1.5 percent to Rs 2,732.12 crore from Rs 2,692 crore in the year-ago quarter. Revenue also slipped to Rs 9,956 crore from Rs 10,048 crore in the year-ago quarter.
The company’s loan book rose by 2 percent to Rs 3.94 lakh crore. The increase in loan book, coupled with sound asset resolutions, has enabled a reduction in the net credit-impaired assets to 1.24 percent, with a provision coverage ratio of 69.28 percent.
REC’s board also declared an interim dividend of Rs 5 per equity share with a face value of Rs 10. The record date for the same was November 9 and the dividend was to be paid on November 24.
REC, earlier known as Rural Electrification Corporation Ltd., is a Maharatna public sector enterprise under the Ministry of Power. It is engaged in extending financial assistance to state electricity boards, state power utilities/state power departments, and the private sector for all segments of power infrastructure.
The REC stock is currently trading at Rs 108.95, up 5.47 percent.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Tags