RECL touches life-time high

The stock surged further to a life-time high of Rs 173, up 5.5% from the previous close. It finally closed 3.5% higher at Rs 170. The counter saw the trading volumes almost double to 887,833 from its two-week daily traded average of 356,294 shares.
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(Updated at 1339 hrs)

Rural Electrification Corporation (RECL) has advanced 2.5% at Rs 168 on the back of  the news that the government would speed up its rural electrification programme under which it has brought electricity to over 61,000 villages against targeted 1.18 lakh.

The stock touched a life-time high of Rs 171. The counter has witnessed trades of around 500,000 shares till now.

RECL is a listed government of India public sector enterprise with a net worth of Rs 5,368 crore.

The company has posted 48% increase in net profit as compared to last financial year.

Total income has increased by 39%  from Rs 3,541.25 crore for the year ended March 31, 2008 to Rs 4,936.5 crore for the year ended March 31, 2009.

Its main aim is to finance and promote rural electrification projects all over the country.It provides financial assistance to state Electricity Boards, State Government Departments and Rural Electric Cooperatives for rural electrification projects.