Shares of REC gained over 7 percent in early trades on January 24, after the state-owned firm reported a 13.6 percent increase in net profit for Q3FY24. As of 10:20am, the stock was trading at Rs 466.20. REC is a subsidiary of PFC (Power Finance Corporation). Shares of PFC also gained around 4.4 percent and was trading at Rs 413.10.
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On January 23, REC reported a net profit of Rs 3,269.3 crore for Q3FY24, around 13.6 percent higher than Rs 2,878 crore in the previous fiscal. Net interest income (NII) for the reporting period was around Rs 4,159 crore, 18 percent higher than the previous fiscal.
Also read: Pradhan Mantri Suryoday Yojana: REC Ltd made nodal agency; to lend Rs 1.2 lakh cr
Moneycontrol on January 23 reported that REC, which is a Maharatna power finance company, will lend up to Rs 1,20,000 crore for the installation of rooftop solar panels under the Pradhan Mantri Suryoday Yojana. This announcement was made by REC Chairman and Managing Director (CMD) Vivek Kumar Dewangan during a media interaction.
It will help the government achieve 10 GW of the 40 GW target set for the period till 2026.
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