REC gains on good Q2 financial performance

Rural Electrification Corporation rose 2.56% to Rs 214.60 at 11:54 IST on BSE after net profit rose 16.43% to Rs 1110.67 crore on 27.47% growth in total income to Rs 4224.25 crore in Q2 September 2013 over Q2 September 2012.

The result was announced after market hours on Wednesday, 13 November 2013.

Meanwhile, the S&P BSE Sensex was up 352.11 points or 1.74% at 20,546.51

On BSE, 78,101 shares were traded in the counter as against average daily volume of 2.35 lakh shares in the past one quarter.

The stock hit a high of Rs 216.90 and a low of Rs 211 so far during the day. The stock hit a 52-week high of Rs 267.50 on 4 January 2013. The stock hit a 52-week low of Rs 146.15 on 5 August 2013.

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

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 (GoI) owns 66.8% stake in REC (as per the shareholding pattern as on 30 September 2013).

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