04 Jan 2024

REC jumps on inking MoU with Rail Vikas Nigam

REC is currently trading at Rs. 434.30, up by 10.80 points or 2.55% from its previous closing of Rs. 423.50 on the BSE.

The scrip opened at Rs. 427.65 and has touched a high and low of Rs. 437.10 and Rs. 425.70 respectively. So far 261335 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 454.80 on 14-Dec-2023 and a 52 week low of Rs. 110.50 on 14-Feb-2023.

Last one week high and low of the scrip stood at Rs. 437.10 and Rs. 406.35 respectively. The current market cap of the company is Rs. 114545.24 crore.

The promoters holding in the company stood at 52.63%, while Institutions and Non-Institutions held 34.50% and 12.87% respectively.

REC has entered into an MoU with Rail Vikas Nigam (RVNL) to finance up to Rs 35,000 crore for Infrastructure Projects to be executed by RVNL over the next 5 years. These projects constitute multi-modal logistics hub projects, rail infrastructure projects, road, port, and metro projects where RVNL has forayed into.

REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects as are sponsored by them.