REC drops on profit taking

Rural Electrification Corporation lost 1.92% to Rs 214.80 at 14:50 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was down 2.36 points or 0.01% at 22,052.85.

On BSE, so far 1.32 lakh shares were traded in the counter as against average daily volume of 1.47 lakh shares in the past one quarter.

The stock was volatile. The stock lost as much as 1.92% at the day's low of Rs 214.80 so far during the day. The stock rose as much as 1.36% at the day's high of Rs 222 so far during the day. The stock had hit a 52-week high of Rs 245.20 on 20 May 2013. The stock had hit a 52-week low of Rs 146.15 on 5 August 2013.

The stock had outperformed the market over the past one month till 25 March 2014, surging 18.41% compared with the Sensex's 5.77% rise. The scrip had, however, underperformed the market in past one quarter, gaining 1.91% as against Sensex's 4.86% rise.

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

Shares of Rural Electrification Corporation (REC) had rallied 6% in two trading sessions to settle at Rs 219 on Tuesday, 25 March 2014, from a recent low of Rs 206.60 on 22 March 2014.

REC during trading hours on Tuesday, 25 March 2014 said that after receipt of approval of the Ministry of Power, 50,000 equity shares of Unchahar Transmission (UTL), held by REC Transmission Projects Company (RECTPCL) (a wholly-owned subsidiary of REC), have been transferred along with all assets and liabilities of UTL to Power Grid Corporation of India (PGCIL) and their nominees on 24 March 2014, for establishment of Transmission System for ATS of Unchahar TPS.

REC's net profit rose 19.6% to Rs 1227.67 crore on 24% growth in total income to Rs 4405.17 crore in Q3 December 2013 over Q3 December 2012.

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.

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