REC gains as board to consider bonus issue

Rural Electrification Corporation rose 2.98% to Rs 229.95 at 9:20 IST on BSE after the company said that its board will meet on 11 August 2016 to consider bonus issue of equity shares.

The announcement was made after market hours yesterday, 8 August 2016.

Meanwhile, the BSE Sensex was down 4.14 points, or 0.01%, to 28,178.43.

On BSE, so far 2.77 lakh shares were traded in the counter, compared with average daily volume of 4.75 lakh shares in the past one quarter. The stock hit a high of Rs 233.40 and a low of Rs 229 so far during the day. The stock hit a 52-week high of Rs 297.25 on 5 October 2015. The stock hit a 52-week low of Rs 152.50 on 24 February 2016. The stock had outperformed the market over the past 30 days till 8 August 2016, rising 18.75% compared with 3.89% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 33.51% as against Sensex's 9.35% rise.

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

Net profit of Rural Electrification Corporation rose 5.8% to Rs 1160.03 on 13.2% rise in net sales to Rs 6035.71 crore in Q4 March 2016 over Q4 March 2015.

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 30 June 2016.

Powered by Capital Market - Live News