Share price of REC fell over 3% today after the state-owned firm reported a 62 per cent fall in its consolidated net profit for Q4. REC share price lost up to 3.30% to Rs 102.50 against the previous close of Rs 106 on BSE.
The mid cap stock opened with a gain of 2.83% at Rs 103 today. The stock stands higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.
The stock has lost 4.05% in last two days. It has declined 33.51% in last one year and fallen 28.31% since the beginning of this year.
However, the stock has risen 13.36% in one month. Total 1.68 lakh shares changed hands amounting to turnover of Rs 1.74 crore.
Consolidated net profit for Q4 stood at Rs 474 crore against net profit of Rs 1,252.66 crore in the corresponding quarter a year ago. In last fiscal, consolidated net profit stood at Rs 4,972.27 crore compared with Rs 5,741.38 crore in 2018-19. Total income for 2019-20 fiscal rose to Rs 30,007.05 crore against Rs 25,431.33 crore in 2018-19.
REC, formerly Rural Electrification Corporation , is engaged in other financial services and activities-other credit granting. The company provides finance to power sector. It finances and promotes rural electrification projects all over the country. It provides financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects as are sponsored by them.
By Aseem Thapliyal