REC gains after declaring Q4 result

Rural Electrification Corporation rose 3.69% to Rs 161.55 at 11:28 IST on BSE after net profit rose 5.79% to Rs 1160.03 crore on 13.29% rise in total income to Rs 6084.47 crore in Q4 March 2016 over Q4 March 2015.

The announcement was made after market hours on Friday, 27 May 2016.

Meanwhile, the BSE Sensex was up 25.71 points, or 0.1%, to 26,679.31

On BSE, so far 4.79 lakh shares were traded in the counter, compared with an average volume of 2.81 lakh shares in the past one quarter. The stock hit a high of Rs 163.45 and a low of Rs 159.50 so far during the day. The stock hit a 52-week high of Rs 304.80 on 29 May 2015. The stock hit a 52-week low of Rs 152.50 on 24 February 2016. The stock had underperformed the market over the past one month till 27 May 2016, falling 14.47% compared with Sensex's 2.26% gains. The scrip had also underperformed the market in past one quarter, falling 0.48% as against Sensex's 15.11% gains.

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

Rural Electrification Corporation (REC)'s board of directors at its meeting held on 27 May 2016, approved sale and transfer of 50,000 shares of Rs 10 each of North Karanpura Transco, a wholly owned subsidiary of RECTPCL (also subsidiary of REC as per the provisions of Section 2(87) of the Companies Act, 2013) to successful bidder i.e. Adani Transmission. The company's board of directors also approved sale and transfer of 50,000 shares of Rs 10 each of Khargone Transmission, a wholly owned subsidiary of RECTPCL (also subsidiary of REC as per the provisions of Section 2(87) of the Companies Act, 2013) to successful bidder i.e. Sterlite Grid 4.

Rural Electrification Corporation (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. As per shareholding pattern, Government of India holds 60.64% stake in the firm as on 31 March 2016.

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