PFC REC

PFC shelves bond issue for the second time in weeks as investors demand higher yields, citing losses on REC's earlier ZCB issue and shifting bond market dynamics

Stocks to Watch: Life Insurance Corporation of India has increased its shareholding in Bank of Maharashtra from 4.05 per cent to 7.10 per cent following the allotment of shares during a QIP.

Technical Outlook: RECL, PFC can potentially rally up to 17 per cent from here on; while Birlasoft and LTIMindtree may witness a sharp fall, suggests technical charts.

UBS believe REC and PFC's growth drivers and trajectory will be similar, with REC growing slightly ahead of PFC.

REC in a public statement said the increase in profit was owing to the "improving asset quality, increase in lending rates and effective management of finance cost".

REC has signed an initial pact with PFC committing higher revenue from operations in FY24 and FY25, its CMD Vivek Kumar Dewangan said on Saturday. The memorandum of understanding has been signed as per the DPE (Department of Public Enterprises) Performance Evaluation System for FY24 and FY25 for Central Public Sector Enterprises, Dewangan told PTI. "As per the MoU, REC is committed to improving the revenue from operations from Rs 43,420 crore targeted in FY 2022-23 to Rs 46,935 crore in FY 2023-24 and Rs 56,322 crore in FY 2024-25," he said. The Mou was signed on Friday between Dewangan and Parminder Chopra, CMD of Power Finance Corporation (PFC) in presence of other senior officials from of the companies, in Gurugram. REC, under Ministry of Power, is a leading infrastructure finance company with a net worth of over Rs 57,000 crore as on March 31, 2023. It finances projects in the complete power sector value chain including generation, transmission and distribution. Recently, the

IDFC First Bank, REC, PFC, Ashok Leyland, HDFC AMC, Cummins India, Astral, and Supreme Industries shares are poised to receive $152 to $214 million inflows today

According to a Nuvama Alternative and Quantitative Research, PFC and HDFC AMC are likely to see inflows of $203 million and $153 million, respectively

Life Insurance Corporation of India and Bharat Electronics may see up to 10 per cent rally in coming sessions.

Build-up of long OI in general indicates that traders are expecting the price of the underlying stock or index to gain in the near-term.

Altogether 10 out of 20 stocks in Nifty PSE index are flashing breakout structures that reflect medium-term bullishness.

State-owned REC Ltd and Power Finance Corporation have inked a pact to provide Rs 8,520.92 crore finance for setting up a 1,320 MW thermal power plant at Buxar by SJVN Thermal Private Ltd. "REC Limited and Power Finance Corporation Limited (PFC) - Maharatna CPSEs under the ministry of power -- have signed a memorandum of loan agreement with SJVN Thermal Private Ltd (STPL) for financing 2x660 MW coal based Buxar Thermal Power Plant (BTPP)," a company statement said. According to the statement, the total estimated project cost is Rs 12,172.74 crore with debt requirement of Rs 8,520.92 crore. As per the agreement, the debt requirement shall be financed by REC and PFC. The agreement was signed in the presence of R S Dhillon, CMD PFC, N L Sharma, CMD SJVN, Ajoy Choudhury, Director (Finance) REC, and V K Singh, Director (Technical) - REC, and other senior officials. Vivek Kumar Dewangan, CMD REC, said in the statement that this is a great partnership for the development of the power

State-owned REC Ltd board has approved a proposal for subscribing 50 per cent equity not exceeding Rs 50 crore in PFC Projects, a power asset management company for taking over stressed assets. As per a BSE filing, PFC Projects is a 50:50 joint venture company with the PFC for taking over stressed/NPA (bad loan) assets in the power sector, subject to requisite approvals. The REC board in a meeting on August 4, 2022, approved a proposal for the subscription of 50 per cent equity shareholding not exceeding Rs 50 crore in PFC Projects Ltd (in the Power Asset Management Company), the filing said. The board also approved the proposal for the sale and transfer of Neemuch Transmission Limited to M/s Power Grid Corporation of India Ltd, the successful bidder selected through a tariff-based competitive bidding process. The board also approved the incorporation of a project-specific special purpose vehicle (SPV), as a wholly-owned subsidiary of REC Power Development & Consultancy Limited ..

The company had net debt of nearly Rs 6,405 crore as of September last year

HDFC Bank and HCL Technologies are likely to react to Q3 numbers this morning. While the former reported 18 per cent YoY growth in net, the latter too beat Street expectations.

These two term lenders are more profitable and have reported faster growth in advances than listed PSBs

Both the firms have disbursed around Rs 31,100 crore under the package

Purvanchal Vidyut Vitran Nigam Limited account for the maximum share of Rs 19,373 crore or almost 25 per cent of the total amount

Stress in conventional power generation space and no new private investment in the sector see the two lenders gradually shift to newer areas

The credit angle is interesting for them as the Rs 3 trillion to be disbursed by banks would go as collateral free debt for four years with a 12-month moratorium