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REC shines on inking MoU with JNPA for financing Rs 45,000 crore
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REC is currently trading at Rs. 616.50, up by 27.70 points or 4.70% from its previous closing of Rs. 588.80 on the BSE.
The scrip opened at Rs. 591.65 and has touched a high and low of Rs. 616.80 and Rs. 586.95 respectively. So far 292605 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. 230.60 on 01-Sep-2023.
Last one week high and low of the scrip stood at Rs. 618.30 and Rs. 585.65 respectively. The current market cap of the company is Rs. 160521.34 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 a memorandum of understanding (MoU) with Jawaharlal Nehru Port Authority (JNPA) for financing upto Rs 45,000 crore for various upcoming projects of JNPA, which includes development of Vadhavan Port.
This MoU is to establish a framework for cooperation between JNPA and REC whereby JNPA implements projects in the infrastructure sector of its expertise and REC shall provide the required funds.
JNPA is an undertaking of Government of India, and is a premier container handling Port, accounting for around 50% of the total containerized cargo volume, across the major ports of India.
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.
