REC moves up on signing MoUs with RE developers
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REC is currently trading at Rs. 554.35, up by 9.70 points or 1.78% from its previous closing of Rs. 544.65 on the BSE.
The scrip opened at Rs. 557.05 and has touched a high and low of Rs. 563.25 and Rs. 552.10 respectively. So far 194613 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 653.90 on 12-Jul-2024 and a 52 week low of Rs. 239.60 on 20-Sep-2023.
Last one week high and low of the scrip stood at Rs. 576.95 and Rs. 542.60 respectively. The current market cap of the company is Rs. 146933.90 crore.
The promoters holding in the company stood at 52.63%, while Institutions and Non-Institutions held 35.16% and 12.20% respectively.
REC has signed non-binding Memorandum of Understandings (MoUs) with RE developers aggregating about Rs 1.12 lakh crore which will be implemented over a period of 5 years. These MoUs cover projects based on Solar and Wind hybrid projects, Solar and Wind Round the Clock (RTC) project, Firm and Dispatchable RE (FDRE) power, Floating Solar Plants, Ultra Mega Renewable Energy park, Hydroelectric Power Project, Battery Energy Storage Systems (BESS), Pumped Storage, Hydropower, Green Ammonia/Hydrogen, Solar Cell/Module Manufacturing and other innovative technologies. Discussions are also underway for financing of Green Energy Corridors, Wind Turbine manufacturing, EV Ecosystem including associated charging infrastructure. Further, REC is also open to consider renewable projects by developers for the C&I segment having top rated offtakers.
REC has participated at the ‘4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024)’ being held from September 16 to 18, 2024 at Gandhinagar, Gujarat. At the RE-INVEST 2024, REC has signed non-binding MoUs.
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.
