REC edges higher on inking MoU to finance power, infrastructure projects in Rajasthan
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REC is currently trading at Rs. 484.50, up by 0.60 points or 0.12% from its previous closing of Rs. 483.90 on the BSE.
The scrip opened at Rs. 486.55 and has touched a high and low of Rs. 492.00 and Rs. 474.85 respectively. So far 353657 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 524.00 on 08-Feb-2024 and a 52 week low of Rs. 113.15 on 29-Mar-2023.
Last one week high and low of the scrip stood at Rs. 492.00 and Rs. 462.95 respectively. The current market cap of the company is Rs. 127053.06 crore.
The promoters holding in the company stood at 52.63%, while Institutions and Non-Institutions held 34.80% and 12.56% respectively.
REC has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan, to finance projects across power and non-power infrastructure sectors. Under this agreement, REC will provide loans of up to Rs 20,000 crore annually for the next six years to various departments, undertakings, institutions and schemes of the Government of Rajasthan.
With this MoU, there is expected to be a rapid increase in projects related to the state's infrastructure sector, such as power projects, metros, roads & highways, airports, IT infrastructure, oil refinery, steel infrastructure, ports & waterways, fiber optics, telecom, health sector, tourism infrastructure, agriculture and other infra projects. This collaboration underscores REC's commitment to supporting the development of both power and non-power infrastructure in Rajasthan, thereby contributing to the state's economic growth and prosperity.
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects as are sponsored by them.
