REC advances on bargain hunting

Rural Electrification Corporation rose 2.61% to Rs 157 at 14:57 IST on BSE on bargain hunting after sliding 9.55% in the preceding three trading sessions to settle at Rs 153 yesterday, 22 August 2017, from its close of Rs 169.15 on 17 August 2017.

Meanwhile, the S&P BSE Sensex was up 273.04 points, or 0.87% to 31,564.89

On the BSE, 15.77 lakh shares were traded in the counter so far, compared with average daily volumes of 8.15 lakh shares in the past one quarter. The stock had hit a high of Rs 157.95 and a low of Rs 153.80 so far during the day. The stock hit a record high of Rs 223.80 on 9 May 2017. The stock hit a 52-week low of Rs 112.33 on 29 August 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 fell 8.43% to Rs 1301.14 crore on 6.43% decline in total income to Rs 5662.16 crore in Q1 June 2017 over Q1 June 2016.

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 58.86% stake in the company, as per the shareholding pattern as at 30 June 2017.

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