REC hits a new 52-week high

REC hit a new 52-week high within moments of the opening bell at Rs.154.90, up 3% over yesterday’s close of Rs.150.50.

This market is very happy to see some huge business coming its way. The PSU announced yesterday after market hours that it has entered into Memorandums of Understanding (MoUs) with Jharkhand Bijli Vitran Nigam Limited (JBVNL) and Jharkhand Urja Sancharan Nigam Limited (JUSNL).

This is for extending financial assistance to the tune of Rs. 15,150 crore; i.e. financial assistance upto Rs. 8,150 crore to JBVNL and upto Rs. 7,000 crore to JUSN.

A fortnight ago, REC had given Rs. 6,890 crore financial assistance to Tamil Nadu for implementation of power sector related works.