๐ REC Share Price: A Strong Surge of 3% to Close at โน435.85
๐ On the fourth trading day of the week, Thursday, REC Limited witnessed an impressive surge in its share price. The stock closed at โน435.85, marking a significant increase of nearly 3%.
๐ข Market Seeks Information from REC Limited
๐ฐ The Mumbai Stock Exchange sought clarification from the company regarding the news that REC Limited had signed a memorandum of understanding (MoU) with Bank of Baroda during the period of the stock’s upward movement. The company is expected to respond to the query.
๐ผ REC Power Development and Consultancy Limited’s Agreement with the Government of Gujarat
๐ก REC Power Development and Consultancy Limited, a subsidiary of REC Limited, has signed an MoU with the Government of Gujarat for smart metering projects worth โน2,094.28 crores. These projects will be implemented in the first phase of the Restructured Distribution Sector Scheme in Paschim Gujarat Vij Company Limited (PGVCL), which falls under the purview of Gujarat Urja Vikas Nigam Limited (GUVNL).
๐ค Signing in Presence of Chief Minister
๐๏ธ The MoU was signed in the presence of Gujarat’s Chief Minister, Bhupendra Patel. The signatories to the deal were Jay Prakash Shivhare, Managing Director of GUVNL, and Rajesh Kumar Gupta, CEO of RECPDCL. The Gujarat government is prepared to provide the necessary approvals and clearances to RECPDCL for upcoming projects in the state.
๐ค MoU with Bank of Baroda
๐ฐ REC Limited has also signed an MoU with Bank of Baroda to provide financial support for the development of India’s basic infrastructure. The deal aims to boost the funding for projects related to roads and expressways, metro rails, airports, IT communications, ports, and steel refineries. The Bombay Stock Exchange has sought a response from the company regarding this agreement.
๐ก About REC Limited
๐ข REC Limited operates under the Ministry of Power and provides long-term finance and other financial products for the energy sector. It includes production, transmission, distribution, renewable energy, electric vehicles, battery storage, and green hydrogen technologies. Recently, the company has started providing financial products for non-electricity infrastructure projects, including electro-mechanical funding for roads, expressways, metro rails, airports, IT communications, ports, and steel refineries.
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