REC drops after 3-day 5.5% rally

Meanwhile, the S&P BSE Sensex was up 50.35 points or 0.27% at 18,795.28.

On BSE, 1.55 lakh shares were traded in the counter as against average daily volume of 2.34 lakh shares in the past one quarter.

The stock hit a high of Rs 228.55 and a low of Rs 219.50 so far during the day. The stock had hit a 52-week low of Rs 142 on 7 June 2012. The stock had hit a 52-week high of Rs 267.50 on 4 January 2013.

The stock had outperformed the market over the past one month till 16 April 2013, rising 1.56% compared with the Sensex's 3.51% fall. The scrip had, however, underperformed the market in past one quarter, declining 9.1% as against Sensex's 5.41% fall.

The large-cap state-run company has equity capital of Rs 987.46 crore. Face value per share is Rs 10.

Shares of Rural Electrification Corporation (REC) had risen 5.5% in three trading sessions to settle at Rs 225.20 on Tuesday, 16 April 2013, from a recent low of Rs 213.45 on 11 April 2013.

REC's net profit rose 33.4% to Rs 1026.65 crore on 31.6% growth in total income to Rs 3552.23 crore in Q3 December 2012 over Q3 December 2011.

REC's main objective is to finance and promote rural electrification projects all over the country. The company provides financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects as are sponsored by them. The Government of India owns 66.8% stake in REC (as per the shareholding pattern as on 31 March 2013).

Powered by Capital Market - Live News