REC soars 7.6% on surge in net profit

The stock finally ended at Rs 149, up over 7.5%. The stock clocked a volume of 1.23 million shares on the BSE.
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Updated at 1535 Hrs:

Rural Electrification Corporation (REC) today opened at Rs 141.40. The stock touched a high of Rs 154, and is now trading at Rs 148, up over 7%.

Around 1.17 million shares were traded on the BSE so far.

According to a release issued by the company to the BSE, the group has posted a 48% rise in its net profit of Rs 1,273.52 crore for the year ended March 31, 2009, as compared to Rs 861.93 crore in corresponding year.

 

Total income increased 39% to Rs 4,936.55 crore as against Rs 3,541.25 crore for the year ended March 31, 2008.

REC is a public sector enterprise with a net worth of Rs 5,368 crore. Its main aim is to finance and promote rural electrification projects all over the country. It provides financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects.