Shares of REC Limited plunged 4 percent on NSE during the early trade on Thursday, February 09. The stock opened at a price of Rs. 117.55 per share, negative against the previous close of Rs. 120.85 per share and dipped further during the early trading session to touch an intraday low of Rs. 115.95.
While announcing its earnings for the third quarter ended December 2022 (Q3 FY23), REC Ltd said that its board also approved and declared the second interim dividend of ₹3.25 per share for the financial year 2022-23. The record date was set as February 09, Thursday, reported Mint.
It was trading at ₹117 apiece, down by 3.19 percent at 11:55 a.m. on the NSE.
The stock touched a 52-week-high of Rs. 126.25 on January 09, 2023 and a 52-week-low of Rs. 82.24 on June 20, 2022, indicating that at the current level, the stock is trading over 42 percent above its 52-week low and just 7 percent below its 52 week high.
The stock has grown over 16 percent in the last six months. Moreover, it has increased by almost 12.66 percent in the previous one year. On the other hand, in the past five years, it has returned a marginal 3 percent to its shareholders.
Last week, the company announced the “declaration of 2nd interim dividend at ₹3.25 (Rupees Three and Twenty-Five Paise only) per equity share ₹10/ - each for the financial year 2022-23 as approved by the Board of Directors of REC Limited in its meeting held on January 30, 2023."
Further, “the record date for the said interim dividend is Thursday, February 9, 2023 and the said interim dividend shall be paid dispatched on Tuesday, February 28, 2023 to those shareholders whose names appear (a) as beneficial owners in the statement(s) furnished by the depository(ies) as on the close of business hours on Thursday, February 9, 2023 in respect of shares held in electronic form; and (b) as members in the register of members on Thursday, February 9, 2023 in respect of physical shares," it added.
In other developments, REC has planned to support the Boxing Federation of India (BFI) to provide a significant boost to the development of Indian boxing for the next three years.
The company will spend Rs. 30 crore, as part of its CSR initiative, over the period of three years with an aim to develop the sport in India.
As a part of the agreement, BFI will utilize the funds to conduct an international training camp in New Delhi from March 3 to 12 ahead of the upcoming 2023 IBA Women’s World Boxing Championships.
Few days back, owing to the improving asset quality and resolution of stressed assets, REC recorded its highest-ever quarterly profit of ₹2,878 Crore. As a result, the Earnings Per Share for the quarter ended 31st December 2022 stands at ₹43.72 per share as against ₹41.44 per share on 30th September 2022.
REC is a Maharatna Central Public Sector Undertaking under the Ministry of Power. It is a leading infrastructure finance company with a net worth of over ₹50,000 crore. Our business activities involve financing projects in the complete power sector value chain, be it generation, transmission or distribution, the company's website shows.
According to a Mintgenie poll, an average of 4 analysts have a ‘STRONG BUY’ call on the stock.
