Post its quarterly result this Miniratna PSU stock is buzzing on the bourses today
REC Limited gains 3% on reporting a rise in Q2 consolidated net profit.
Shares of REC are currently trading at Rs 98.70, up by 2.28% from its previous closing of Rs. 96.50 on the BSE. The scrip opened at Rs. 97.50 and has touched a high and low of Rs 99.85 and Rs 96.75, respectively. So far 897851 shares were traded on the counter. The BSE group 'A' stock of face value of Rs 10 touched a 52-week high of Rs 117.53 on 28 October 2021, and a 52-week low of Rs. 82.28 on 20 June 2022.
REC is a Central Public Sector Undertaking under the Ministry of Power involved in financing projects in the complete power sector value chain from generation to distribution. Some of the Services Offered by the company are providing Loan for Generation Projects for Setting up new power generating stations based on conventional sources and renewable sources of energy. Providing loans for Transmission Projects and loans for Distribution Projects and also providing short-term loans/medium-term loans.
REC has reported results for the second quarter that ended on 30 September 2022. The company has reported a fall of 0.38% in its net profit at Rs 2728.38 crore for the quarter under review compared to Rs 2738.79 crore for the same quarter in the previous year. The total income of the company decreased by 1.29% at Rs 9948.55 crore for Q2FY23 as compared to Rs 10078.82 crore for the corresponding quarter previous year.
On a consolidated basis, the company has reported a rise of 1.48% in its net profit at Rs 2732.12 crore for the quarter under review compared to Rs 2692.27 crore for the same quarter in the previous year. However, the total income of the company decreased by 0.92% at Rs 9964.00 crore for Q2FY23 as compared to Rs 10056.53 crore for the corresponding quarter in the previous year. The promoters holding in the company stood at 52.63%, while Institutions and Non-Institutions held 32.04% and 15.32%, respectively.
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