Shares of Rural Electrification Corporation (REC) surged nearly 2 percent on March 19 after the company declared a fourth interim dividend of Rs 3.6 for the ongoing financial year 2024-25.
In an exchange filing released after the company's board meeting, REC said the record date to determine the eligibility of shareholders has been set as March 26, and the dividend will be dispatched on or before April 16.
International brokerage CLSA has maintained an 'outperform' rating on the stock with a target price of Rs 590 per share, which implies an upside potential of nearly 38 percent from the last closing price.
The stock of REC has seen significant surge in the past one month, after having fallen over 19 percent in the past six months. Earlier in March, Macquarie had said that the recent fall in stock prices were driven by weak sentiment in PSU shares, but concerns over decline in growth, rising competitive intensity and softer power demand are overblown.
The brokerage added that power demand is gradually picking up and will act as a major positive for the shares of REC as well as PFC.
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