This large cap stock reached its 52- week today during the trading session after the board approved sale and transfer of Beawar Transmission Limited.
The share prices of REC closed at Rs. 245.75 levels. The stock jumped 2% to reach its 52- week high of Rs. 249.25 per share. The stock gave a multibagger return of 113.78% in the last six months and a total of 127.51% in the last one year.
On 29 August 2023, the Board of Directors of the company held a meeting and approved the sale and transfer of the entire shareholding of Beawar Transmission Limited which was previously held by REC’s fully owned subsidiary REC Power Development and Consultancy Limited. Beawar will be sold and transferred to Sterlite Grid 27 Limited during FY 2023-24.
With a market capitalization of Rs. 62,762 crore, the company earned a consolidated revenue of Rs. 11,087.56 crore in the June quarter which is an increase of 8.24% from Rs. 10,243.6 crore in Q4FY23. Its net profit for Q1FY24 is reduced by 10% to Rs. 2,968.05 crore from Rs. 3,065 crore in the last quarter. The company has maintained a good average Return of Equity for the last three years of 21.10
REC Limited is a Maharatna company incorporated in 1969. It is a public sector company which comes under the Ministry of Power. The company focuses on providing financial solutions related to private project developers, power sector utilities, state governments for electricity projects in rural areas, and others.
Written by Bhumika Khandelwal
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