REC shares gain over 3%: Here’s what’s fueling the ‘Maharatna’ stock today
Source: Business Standard
REC shares zoom: Shares of state-owned Non-Banking Finance Company (NBFC), REC, climbed 3.41 per cent to Rs 563.25 during intra-day trade on Wednesday. The uptick in the ‘Maharatna’ stock price follows the news that the company has signed non-binding Memorandums of Understanding (MoUs) with RE developers aggregating about Rs 1.12 lakh crore, at the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024), at Gandhinagar, Gujarat.
The company, in exchange filings, has further said that these MoUs, which will be implemented over a period of 5 years, cover projects in solar, wind, hydroelectric, battery energy, and green ammonia/hydrogen, solar cell sectors.
REC also stated that it intends to be a key player in the country’s journey of installed non-fossil-based generation capacity from 200 GW to 500 GW by 2030. “REC has undertaken a non-binding financial commitment Shapath Patra of increasing its Renewables loan book to over Rs 3 lakh crore by 2030. This will increase the share of Renewables from the current 8 percent to 30 percent by 2030, as REC’s loan book is projected to be Rs 10 lakh crore by 2030,” the company said in a regulatory filing.
REC is a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power and is registered with RBI as a Non-Banking Finance Company (NBFC) and Infrastructure Financing Company (IFC). As of September 18, 2024, the company commands a market capitalisation of Rs 1,45,577.79 crore on the BSE. The NBFC is a constituent of the BSE 100 index.
REC shares have doubled investors’ money in the last one year with a surge of 121.09 per cent during the said period. Meanwhile, the benchmark BSE Sensex has jumped 23.13 per cent in the last one year.
REC shares have a 52-week range of Rs 653.90-247.85 on the BSE.
At around 11:03 am, REC shares were quoted trading at Rs 551.20, up 1.20 per cent from its previous close of Rs 545.65 on the BSE. Nearly 2.39 lakh equities worth Rs 13.27 crore have exchanged hands on the BSE.
The NBFC stock is currently around 15 per cent lower from its 52-week high of Rs 653.90, scaled on July 12, 2024, on the BSE.
First Published: Sep 18 2024 | 11:22 AM IST
