REC at lifetime high

REC has been the top gainer on the BSE since the opening bell today; the stock, which had closed at Rs.507.25, opened at Rs.512.35 and zoomed up to hit a lifetime high at Rs.551. Volumes have spurted up over 2x.

The stock price hit the sky, driven by the robust performance for Q4FY24. The company posted a net profit of Rs.4016 crore, up 34% (YoY) on a 25% NII at Rs.4273 crore.

The impairment write-back of Rs.712 crore helped boost the bottomline.

The Gross NPA was at 2.71% v/s 2.78% (QoQ) while Net NPA was at 0.86% v/s 0.82%.

The company expects thermal capex to rise and is aiming to garner a market share of 50% in non-NTPC projects.

With many fund houses and analysts giving a thumbs up to these earnings, the stock price is at a high due to renewed buying interest.