REC Ltd fell for a fifth straight session today. The stock is quoting at Rs 105.95, down 1.81% on the day as on 13:29 IST on the NSE. The benchmark NIFTY is down around 0.76% on the day, quoting at 11231.25. The Sensex is at 38089.93, down 0.72%.REC Ltd has eased around 1.9% in last one month.Meanwhile, Nifty Financial Services index of which REC Ltd is a constituent, has eased around 0.53% in last one month and is currently quoting at 11086.2, down 2.08% on the day. The volume in the stock stood at 55.55 lakh shares today, compared to the daily average of 91.86 lakh shares in last one month.

The benchmark September futures contract for the stock is quoting at Rs 105.95, down 1.81% on the day. REC Ltd tumbled 28.94% in last one year as compared to a 1.77% rally in NIFTY and a 12.33% fall in the Nifty Financial Services index.

The PE of the stock is 4.08 based on TTM earnings ending June 20.

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REC announced that the 51st Annual General Meeting (AGM) of the company will be held on 25 September 2020.

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REC Ltd is up for a third straight session today. The stock is quoting at Rs 112.7, up 1.81% on the day as on 12:54 IST on the NSE. The benchmark NIFTY is up around 0.39% on the day, quoting at 11429.25. The Sensex is at 38696.08, up 0.44%. REC Ltd has gained around 6.47% in last one month.

Meanwhile, Nifty Financial Services index of which REC Ltd is a constituent, has gained around 0.26% in last one month and is currently quoting at 10995.6, up 0.63% on the day. The volume in the stock stood at 107.6 lakh shares today, compared to the daily average of 81.45 lakh shares in last one month.

The benchmark August futures contract for the stock is quoting at Rs 113, up 1.66% on the day. REC Ltd is down 22.25% in last one year as compared to a 3.74% jump in NIFTY and a 11.13% jump in the Nifty Financial Services index.

The PE of the stock is 4.19 based on TTM earnings ending June 20.

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Consolidated profit before tax came at Rs 2,483.89 crore in Q1 June 2020, rising 17.6% from Rs 2,112.58 crore in Q1 June 2019. Total tax expenses rose 6% year on year to Rs 638.59 crore in Q1 June 2020.

Commenting on COVID-19 impact, REC said that it continues to leverage digital technology for review & monitoring. information-sharing and knowledge management to continue the business operations without any significant disruptions due to lockdown.

The company further added that the management is of the view that there are no reasons to believe the pandemic will have any significant impact on the ability of the firm to continue as a going concern. The company said it granted moratorium as allowed by RBI guidelines. In pursuance of the moratorium policy, an amount of Rs 10,138 crore falling due till 30 June 2020 (including the amount pertaining to the first moratorium period) has been deferred.

Inspite of the moratorium allowed to the borrowers, the company assured that it has not experienced any significant impact on its liquidity position, cushioned by its access to diversified sources of borrowings across the geographies. However, as a matter of abundant caution in the uncertain environment, the company has been maintaining higher levels of liquidity buffers to meet committed liabilities and expected disbursements. As on 30 June 2020, the amount of Cash & Cash equivalents available with the company, including short-term deposits and liquid mutual funds, is Rs 10,394 crore, as against Rs 1,678 crore on 31 March 2020.

Meanwhile, the board of directors of REC approved the proposal of raising of funds through issue of unsecured/secured non-convertible bonds/debentures through Private Placement, upto an amount of Rs 85,000 crore, in one or more tranches, subject to approval of shareholders in this regard in the ensuing Annual General Meeting.

Rural Electrification Corporation (REC) is a Navratna Central Public Sector Enterprise under the Ministry of Power. The company is engaged in the financing and promotion of transmission, distribution and generation projects throughout India.

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