REC jumps on encouraging Q3 numbers

Rural Electrification Corporation jumped 7.35% at Rs 203 at 15:30 IST on BSE after net profit rose 15.87% to Rs 769.51 crore on 24.07% increase in total income to Rs 2699.12 crore in Q3 December 2011 over Q3 December 2010.

The result was announced during trading hours today, 25 January 2012.

Meanwhile, the BSE Sensex was up 70.88 points, or 0.42%, to 17,066.65.

On BSE, 8.12 lakh shares were traded in the counter as against an average daily volume of 3.83 lakh shares in the past one quarter.



The stock hit a high of Rs 203 and a low of Rs 187.95 so far during the day. The stock had hit a 52-week low of Rs 143.50 on 28 December 2011. The stock had hit a 52-week high of Rs 288.50 on 24 January 2011.

The stock had outperformed the market over the past one month until 24 January 2012, gaining 27.90% compared with the Sensex's 7.99% rise. The scrip had also outperformed the market in past one quarter, rising 9.97% as against 0.33% rise in the Sensex.

The large-cap state-run lender to power projects has an equity capital of Rs 987.46 crore. Face value per share is 10.

As on 31 December 2011, the government held 66.80% stake in Rural Electrification Corporation (REC). REC's main objective is to finance and promote 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.