MoU with JUSNL, JGVNL takes REC up by 3%
Avalokita Pandey / 21 Feb 2017
On Tuesday, Rural Electrification Corporation (REC) stock spiked over 3 per cent in the morning trade, after the company signed an MoU with Jharkhand Bijli Vitran Nigam (JGVNL) and Jharkhand Urja Sancharan Nigam (JUSNL) for extending financial assistance of Rs 15,150 crore.
On Tuesday, Rural Electrification Corporation (REC) stock spiked over 3 per cent in the morning trade, after the company signed an MoU with Jharkhand Bijli Vitran Nigam (JGVNL) and Jharkhand Urja Sancharan Nigam (JUSNL) for extending financial assistance of Rs 15,150 crore.
The lender will extend financial assistance of upto Rs 7,000 crore to JUSNL and upto Rs 8,150 crore to JBVNL. Following this development, the stock surged 3.32 per cent and hit a high of Rs 155 on the BSE.
At the prevailing price, the stock is trading at 5.02 times its trailing 12-month earnings per share (EPS) and 0.53 times its book value. Besides, in a period of one year, the stock has delivered 94.17 per cent returns. It has outperformed the BSE Sensex and Nifty Financial Services.
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