07 Aug 2024

REC's Subsidiary Formation Boosts Stock Performance

REC's stock is currently trading at Rs. 584.90, marking an increase of 19.25 points or 3.40% from its previous close of Rs. 565.65 on the BSE.

The stock opened at Rs. 580.05 and reached an intraday high of Rs. 593.15 and a low of Rs. 574.65. A total of 267,965 shares have been traded so far.

This BSE group 'A' stock, with a face value of Rs. 10, achieved a 52-week high of Rs. 653.90 on July 12, 2024, and a 52-week low of Rs. 208.05 on August 8, 2023.

Over the past week, the stock's high and low were Rs. 646.50 and Rs. 563.60, respectively. The company's current market capitalization stands at Rs. 154,030.44 crore.

Promoters hold a 52.63% stake in the company, while institutional investors and non-institutional investors hold 35.16% and 12.20%, respectively.

REC Power Development & Consultancy, REC's wholly owned subsidiary, has incorporated a new subsidiary named Rajasthan IV 4A Power Transmission (RECPDCL). This new entity, also a subsidiary of REC as per Section 2(87) of the Companies Act, 2013, is tasked with establishing a transmission system to evacuate power from Rajasthan REZ Phase IV (Part-4: 3.5 GW): Part A.

REC specializes in providing financial support to state electricity boards, state government departments, and rural electric cooperatives for their rural electrification projects.