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REC signs pact with PFC committing stronger revenue in FY24, FY25

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

PFC inks pact to provide Rs 1,229 cr term loan to Assam Petrochemicals

State-owned Power Finance Corporation (PFC) on Monday signed a pact to provide Rs 1,229 crore term loan to Assam Petrochemicals to implement a 500 tonnes per day methanol plant at Namrup and 200 tonnes per day formalin plant at Boitamari in Assam. "PFC and Assam Petrochemicals Ltd (APL) signed a loan agreement on September 4, 2023, for extending a term loan of Rs 1,229 crore for the implementation of 500 Tons Per Day (TPD) Methanol Plant, including their 11 MW Captive Power Plant (CPP) at Namrup and 200 TPD Formalin Plant, including their Captive 0.90 MW power plant at Boitamari in Assam at an estimated Project Cost of Rs 1,827 Crore," a PFC statement said. The 500 TPD Methanol Plant, including 11 MW CPP, was inaugurated by the Prime Minister on April 14, 2023, on completion. The project, including the 200 TPD Formalin Plant, is scheduled to commence commercial operation by March 31, 2024. The APL is a state public sector undertaking of the Government of Assam (GOA), comprising GOA

MSCI shuffle: REC, HDFC AMC, PFC & others to receive upto $214mn inflows

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

PFC to provide Rs 4,528 cr loan for DVC project to set up 1,320 MW project

State-owned Power Finance Corporation (PFC) has entered into a pact with Damodar Valley Corporation (DVC) as part of which it will provide Rs 4,527.68 crore loan to set up a 1,320 MW project at Raghunathpur in West Bengal. The Raghunathpur Phase-II project -- a collaborative effort between PFC and DVC -- will contribute significantly to the power generation capacity in West Bengal, a PFC statement said on Friday. With a combined capacity of 1,320 MW, the project marks a key milestone in the region's energy landscape, it said. "PFC and DVC have successfully executed a loan agreement amounting to Rs 4,527.68 crore. This amount is earmarked for the realisation of the ambitious 2x660 MW Raghunathpur Phase-II project," the statement said. As the project progresses, PFC and DVC remain dedicated to ensure its successful implementation, adhering to the highest standards of efficiency, innovation, and environmental responsibility, the statement said. PFC is the country's largest non-bankin

Parminder Chopra takes over as first full-time women PFC Chairman, MD

State-owned Power Finance Corporation (PFC) on Wednesday said Parminder Chopra has taken over as its first full-time women Chairman and Managing Director. "Parminder Chopra has been appointed as Chairman and Managing Director (CMD) of PFC by the Government of India from 14th August 2023. Previously, she was holding the additional charge of Chairman and Managing Director (CMD) from June 1, 2023, and was Director (Finance), PFC, since July 1, 2020," a company statement said. With this, the company said, Chopra becomes the first woman to lead India's largest non-banking finance company PFC. During her term as Director (Finance), she spearheaded the Finance Division, leading to the highest net profit, highest net worth and lowest NPA levels. Such robust financial performance has also facilitated PFC getting the highest status of 'Maharatna'. She also played a key role in the successful implementation of the Rs 1.12 lakh crore Liquidity Infusion Scheme (LIS) for the power distribution .

Stocks to Watch today: LIC, Hero Moto, Apollo Tyres, TRIL, Zee, GR Infra

Stocks to watch on August 11, 2023: Balrampur Chini, Chambal Fertilisers, Delta Corp, Indiabulls Housing Finance, Manappuram Finance and Zee among eight stocks in F&O ban period on Friday.

Apraava Energy inks pacts with REC, PFC to get Rs 9,120 cr for projects

Energy solution provider Apraava Energy has inked initial pacts with state-owned firms REC Ltd and Power Finance Corporation (PFC) to get finance of Rs 9,120 crore for funding its wind, transmission, and advanced metering projects in the country. The signing of MoUs took place as part of the Green Finance Summit organised by REC on the sidelines of the Green Business Summit Clean Energy Ministerial (CEM) and Energy Transition Working Group (ETWG) Ministerial held on July 21, 2023 in Goa against the backdrop of India's G20 Presidency, a company statement said. Apraava Energy signed the Memorandum of Understanding (MoUs) with REC Ltd and PFC for financial assistance worth Rs 9,120 crore (USD 1.1 billion), the company said. Rajiv Ranjan Mishra, Managing Director, Apraava Energy, said in the statement, "This partnership further strengthens our roadmap to deliver sustainable and integrated growth in the future. We thank REC and PFC for placing their trust in our aspirations for a better

Sterlite Power acquires Fatehgarh III Beawar Transmission from PFC

Sterlite Power on Wednesday said it has acquired Fatehgarh III Beawar Transmission, a special purpose vehicle, from PFC Consulting Limited. PFC Consulting Limited (PFCCL) is a wholly-owned subsidiary of Power Finance Corporation Limited under the Ministry of Power. "Sterlite Power acquires Fatehgarh III Beawar Transmission Project in Rajasthan from PFC. The project was awarded to Sterlite Power through tariff-based competitive bidding process in March 2023," the company said in a statement. Through the Fatehgarh III Beawar Transmission Limited special purpose vehicle (SPV), the company will set up a critical transmission project in Rajasthan on build-operate-transfer mode for 35 years. The project will involve constructing a 350 kilometre, 765kV transmission corridor from Fatehgarh III to Beawar in Rajasthan. It will enable evacuation of a part of 20 GW of renewable power from renewable energy zones in Fatehgarh (9.1 GW), Bhadla (8 GW) and Ramgarh (2.9 GW) areas of the state. Ster

Jaitley and Sitharaman: A look at divestment under the two NDA FMs

In his early days, PM Modi had said that the government would get out of most sectors, a vision which was given credence through the new policy of 'strategic sectors' announced by Sitharaman in 2020

F&O Strategy: Adopt Bull Spread Strategy for PFC, suggests HDFC Securities

Nandish Shah, Sr. derivatives & technical research analyst of HDFC Securities, recommends to buy 170 call option of PFC & simultaneously sell 180 call option of June series

PESB recommends Parminder Chopra for PFC Chairman, Managing Director post

Parminder Chopra is set to head Power Finance Corporation (PFC), with PESB recommending her name for the post of Chairman and Managing Director (CMD) of the state-owned non-banking financial institution. Chopra currently serving as Director (Finance), will be the first woman CMD of the NBFC, under the Ministry of Power. She is also on the board of the company. In its notification dated May 8, the Public Enterprises Selection Board (PESB) said it has "recommended the name of Parminder Chopra for the post of Chairman & Managing Director, Power Finance Corporation". The official holds a bachelor's degree in Commerce and is a qualified Cost Accountant. She has over 35 years of experience in the power sector, including work experience at NHPC and the Power Grid Corporation of India (PGCIL).

HAL, PFC lead race for MSCI index, Adani Total, Kotak Bank in focus too

Analysts predict both PSU stocks to rake in huge passive inflows; Adani Transmission and Indus Towers could get removed from index

PowerMin invites bids to supply 4.5 Gw electricity during coming summer

Power to be supplied for five years, qualifying gencos to get coal under SHAKTI scheme

Stocks to Watch: Reliance, Nykaa, NDTV, Kaynes Technology, PFC, JK Paper

Stocks to Watch: Kaynes Technology will make its debut today. The issue price is fixed at Rs 587 per share

PFC logs highest ever quarterly profit of Rs 5,229 cr on higher revenues

Power Finance Corporation (PFC) on Thursday posted its highest ever quarterly profit after tax of Rs 5,229.33 crore for September quarter 2022-23 mainly due to higher revenues. The consolidated profit is 4 per cent higher as compared to the year-ago period when it logged a profit of Rs 5,023.42 crore, it said in a BSE filing. Total income rose to Rs 19,344.39 crore from Rs 19,282.60 crore in the same period a year ago. The board in its meeting on Thursday also approved second interim dividend of Rs 3 per share of Rs 10 each for 2022-23. The PFC group delivered its highest ever consolidated profit after tax (PAT) of Rs 5,229 crore in Q2FY23, it said in a statement. The group reported a PAT of Rs 9,809 crore in April-September FY23 as against Rs 9,578 crore in the year-ago period. The consolidated net worth crossed Rs 1 lakh crore mark and stood at Rs 1,02,280 crore (including non-controlling interest) as on September 30, 2022. This is reflective of PFC group's strong fundamentals

PFC eyes new infra, net zero value chain: Chairman & MD R S Dhillon

'PFC and REC have sanctioned close to Rs 2 trillion covering 36 discoms', said Dhillon

PFC's power drive flickering under record debt burden, govt scheme

The state-run financer for generators and distributors is struggling under a record debt burden even as it is being asked to underwrite the government's latest scheme to rescue inefficient discoms

Power shocks: Discoms need transparency

Only transparent pricing and accounting will help the discoms recover their dues

PFC Q1 profit up marginally at Rs 4,580 cr; income falls 2% to Rs 18,544 cr

The board in its meeting held on Friday approved an interim dividend of Rs 2.25 per equity share of face value of Rs 10 each for 2022-23.

Here's why Vinay Rajani of HDFC Securities is bullish on SBI, PFC

The technical analyst also recommends to hold Nifty longs with a stop at 16,100; on the upside, he expects resistance for the NSE benchmark around 16,520 and 16,794.