REC share price locked at 8% upper circuit to hit 52-week high: What drove the rally?
REC Share Price Today: Shares of Rural Electrification Corporation (REC) were locked at 8 per cent upper circuit at ₹382.75 apiece on the BSE, hitting its 52-week high mark, after the state-owned firm's yearly disbursement crossed ₹1 lakh crore for the first time ever on Friday, December 1. In the corresponding period of eight months to the financial year, the disbursement was ₹47,035 crore. “For the first time, REC crossed disbursement of ₹1,00,000 crore in a year.
In corresponding period of 8 months of FY 2022-23 the disbursement was ₹46,075 crore,'' said REC in a regulatory filing to the stock exchanges. Also Read: REC Q2 net profit rises 39% to ₹3,789.9 crore The stock has tripled in value so far this year, rising over 240 per cent on a year-to-date (YTD) basis. On Friday, shares of REC opened at ₹355 and gained 7.81 per cent to hit a 52-week high of ₹382.75 apiece, against a previous close of ₹348.55 on the BSE.
REC reported a 38.71 per cent year-on-year increase in its consolidated net profit for the quarter ended September to ₹3,789.90 crore. During the same period last fiscal, the company had registered a net profit of ₹2,732.12 crore. “Owing to the improving asset quality, increase in lending rates and effective management of Finance Cost, REC is able to record its highest ever quarterly profit," REC said in a statement.
The domestic equity market witnessed healthy gains on Friday with the benchmark Nifty 50 hitting its fresh record high of 20,291.55 in the intraday session on all-round buying after India's gross domestic product (GDP) growth in the July-September quarter exceeded expectations. Nifty 50 finally closed 135 points, or 0.67 per cent, higher at 20,267.90. Mid and smallcap indices also hit their
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