REC advances after bulk deal

Rural Electrification Corporation rose 1.06% to Rs 185.95 at 12:33 IST on BSE after a bulk deal of 10.91 lakh shares was executed on the scrip at Rs 183.75 per share at 09:17 IST on BSE.

Meanwhile, the BSE Sensex was down 107.71 points, or 0.36%, to 29,866.53

Bulk deal boosted volume on the scrip. On the BSE, so far 13.93 lakh shares were traded in the counter, compared with average daily volumes of 6.99 lakh shares in the past one quarter. The stock hit a high of Rs 186.45 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 182.50 so far during the day. The stock hit a 52-week low of Rs 76.40 on 24 May 2016.

The large-cap company has equity capital of Rs 1974.92 crore. Face value per share is Rs 10.

Rural Electrification Corporation's (REC) net profit rose 28.1% to Rs 1754.40 crore on 1.32% decline in total income to Rs 5957.75 crore in Q3 December 2016 over Q3 December 2015.

REC, a Navratna Central Public Sector Enterprise under Ministry of Power, provides financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects.

The Government of India holds 60.637% stake in the company, as per the shareholding pattern as at 31 December 2016.

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