REC Financial News

Permanent job placements fell at the second-fastest rate since June 2020, while temporary hires returned to a decline after two months of growth.

«We would like to sustain this growth in asset under management and we intend to touch the figure of Rs 5 lakh crore in the current financial year,» says Vivek Kumar Dewangan, CMD, REC. Now, firstly, you have signed many project-level MOUs as we understand and now this Rs 5,000 crore co-finance plan with PNB as well. What is the realistic visibility of disbursements that you foresee for both FY24 and FY25? Yes, in fact, when we had organised this Green Finance Summit on the sideline of G20 event at Goa, we got a huge response from the renewable energy developers, technology providers and the manufacturers and we were able to sign MOUs worth 2,86,000 crore. And Government of India has also allowed us to diversify into infrastructure and logistics, that is another area where we are focussing and government has allowed us that 33% of our loan book could be from infrastructure and logistics. So, we are joining, we are having collaboration with a number of financial institutions like PNB also and SBI and others.

Sensex rose 173 points to settle at 66,118, while the broader Nifty gained 51 points to end at 19,716. Stocks that were in focus included names like REC, which rose 6.06%, Suzlon Energy, which dropped 1.54%, and Hudco, whose shares jumped 2.63% on Wednesday. Here's what Amol Athawale, VP technical research analyst at Kotak Securities, recommends investors should do with these stocks when the market resumes trading today. REC — Neutral In this quarter so far, the stock rallied over 70%. After the 170 breakout the stock consistently held higher high and higher low series formation, which is largely positive. Last Wednesday, the stock rallied over 6% and hit a fresh all time high of 285.95.

REC jumped 6% to Rs 284 in Wednesday's trade on BSE after the firm signed a memorandum of understanding (MoU) with Punjab National Bank (PNB) to jointly fund projects in the power sector and infrastructure & logistics sector. The collaboration aims to co-finance debts totalling Rs 55,000 crore over the next three years under a consortium arrangement. At 11.26 a.m., the scrip was trading 5.6% higher at Rs 282 on BSE. On a year-to-date, it has delivered multibagger returns of 135%, while it has rallied nearly 200% in the past one year. As per Trendlyne data, the average target price of REC is Rs 261, which shows a downside of 8% from the current market prices.

Vedanta: Moody's Investors Service downgraded Vedanta Resources' corporate family rating from Caa1 to Caa2 over elevated risks of debt restructuring over the next few months. With the current downgrade, the outlook remains negative for the parent company of Vedanta.. Infosys: The IT major is partnering Microsoft to enhance enterprise functions with AI-enabled solutions across multiple industries, according to a release.

₹55,000 crore over next three years, said a statement from REC. The Maharatna NBFC, REC, has diversified its portfolio towards infrastructure and logistics in FY23.

CA Rudramurthy BV, Founder, Vachana Investments, says “I feel personally that in railways, power, the big move has already happened. I would definitely suggest at least partial profit booking, if not full profit booking and no shorting any of these counters whatsoever. But you have to find good stocks like Power Finance Corporation, REC which were all very good at 120, 130 levels but not so after 150% up move. I will be cautious in these areas and I will book profit.”Right now, are you bullish or cautious?Definitely cautious because we have already seen a very swift move from 19,200 to now levels closer to 20,000. No doubt at index level still, we might be left out with some more steam but I do not want to play the last 5-10% kind of a move on index on the long side. Rather, it is better to be cautious but I do not suggest you any shorting because I do not find any trigger for the market to come down.

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.

Welcome to the Reader’s Query segment of FE Money. This week, Dr C T Sridhar from Hyderabad shared with us that he has received Rs 36 lakh on selling his flat recently and he is planning to subscribe to REC Bonds to save on capital gains tax.

1. REC REC Limited, with a 20-day SMA of 236.52, closed at Rs 245.55 on September 7.2. Indian BrickBata India Limited soared above its 20-day SMA of 1693.35, closing at Rs 1731.25 on September 7.

By David Milliken

Reliance Industries: Reliance Retail Ventures Ltd. (RRVL) on Wednesday said it has signed a joint venture agreement to acquire a 51% stake in Ed-a-Mamma, a kid and maternity-wear brand founded by actor Alia Bhatt. The partnership will see the brand grow into new categories such as personal care and baby furniture, children’s story books and an animated series, RRVL said in a statement announcing the investment.

New Delhi: State-owned REC Ltd is looking at expanding its loan portfolio for green projects to ₹3 trillion by 2030, said its chairman and managing director Vivek Kumar Dewangan. Addressing the 54th annual general meeting (AGM) of the company, the CMD said that going forward REC would be known for its renewable energy initiatives across solar, wind, hybrid, and e-mobility projects, along with newer spaces like green hydrogen, green ammonia projects, round-the-clock projects and ethanol manufacturing.

IDFC First Bank, Power Finance Corporation (PFC), HDFC Asset Management Company (AMC), Ashok Leyland, Supreme Industries, Astral, REC, and Cummins India made their way into MSCI Global Standard Index on August 31. On the other hand, ACC was excluded from the index. According to Nuvama Alternative & Quantitative Research said in its report, ‘’A total of eight inclusions have been announced, aligning with our projections for six of them.

Chakri Lokapriya, CIO & MD, TCG AMC, says “just like Bhel is going through a new lease of life, so is PFC and REC. I remember participating as an anchor investor in IPOs of these companies and they were priced at one-and-a-half times book then. Today, they trade at less than 0.7 times book, half the valuation. Now, with the growth rates exceeding what it did in the past, it is just a matter of time before the stock even trades closer to its book value and higher, which means there is still a lot more upside from current levels.”We were looking at the streak of order wins from a company like Bhel and that has been pretty phenomenal since the start of the year. Just recently, they bagged a fairly sizable order in their kitty. What would be your outlook given that for the longest period of time, this was one of the slowest moving stocks? What is your view on Bhel? Bhel has got a new lease of life with a renewed interest in power and India has always been a power-deficient country, but now it is a combination of both thermal and green energy.

stocks are at yearly or historical highs following the recent run-up in the market. But there is still scope for some of them to move up further from the current levels. Analysts have raised the price targets of some of the stocks since the beginning of August.

By Sahil SwaroopThe daily trend of REC Limited is bullish to sideways. The RSI for monthly, weekly and daily is showing bullish momentum.

Relative Strength Index (RSI). This momentum oscillator has a profound impact on market analysis, aiding traders and investors in gauging the health of a stock's price movement.

Bharat Heavy Electricals has challenged an insolvency petition filed against West Bengal-based coal power producer Hiranmaye Energy, as it will «stall» BHEL's efforts to enforce a ₹388.4 crore arbitration award against the company. BHEL has filed an application before the Kolkata bench of the National Company Law Tribunal (NCLT), seeking cancellation of the insolvency petition filed by REC.

Supreme Industries, REC and Ashok Leyland jumped on Friday after the announcement that they along with five other firms will be added to the MSCI India Index. The changes in constituents of the MSCI Global Standard Indexes will take place as of close of August 31, 2023, according to an announcement by index compiler MSCI on Thursday.

Apraava Energy has signed memorandums of understanding (MoUs) with state-owned REC and Power Finance Corporation (PFC) to secure financing of Rs 9,120 crore for funding its wind, transmission and advanced metering projects in the country. Apraava Energy is jointly owned by the CLP Group, one of the largest investor-owned power businesses in Asia, and Caisse de depot et placement du Quebec (CDPQ), a global investment group.