REC rises after UBS Principal Capital Asia buys stake

REC gained 2.12% to Rs 98.90 after UBS Principal Capital Asia purchased 1.11% stake in the company via bulk deal on Tuesday at Rs 102.25 per share.

On Tuesday, 9 June 2020, UBS Principal Capital Asia purchased 2.20 crore equity shares, or 1.11% equity, of REC at an average price of Rs 102.25 per share via bulk deal on BSE.

Eastspring Investments - Developed and Emerging Asia Equity Fund sold 1.33 crore equity shares, or 0.67% equity, REC at an average price of Rs 102.25 via bulk deal on BSE. It held 1.03% stake in REC as on 31 March 2020.

On the technical front, the stock's RSI (relative strength index) stood at 58.362 on NSE. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 50-day moving average (DMA) placed at 90.83 and its 200-day moving average (DMA) placed at 123.11.

REC's consolidated net profit jumped 29.81% to Rs 1,666.81 crore on a 13.69% rise in net sales to Rs 7,533.80 crore in Q3 December 2019 over Q3 December 2018.

REC is engaged in financial services and other activities like credit granting. The firm provides finance to power sector. It finances and promotes rural electrification projects all over the country.

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