REC shares in red as firm announces Q3 earnings, interim dividend 

Shares of REC ended lower on Thursday after the firm reported its Q3 earnings. REC stock slipped 1.25% to Rs 434.80 against the previous close of Rs 440.30. Total 4.15 lakh shares of the firm changed hands amounting to a turnover of Rs 18.10 crore on BSE. Market cap of the firm fell to Rs 1.14 lakh crore. REC Limited stock opened higher at Rs 444 today.

REC reported a 23 per cent rise in consolidated net profit to Rs 4,076.35 crore in the December 2024 quarter against a net profit of Rs 3,308.42 crore a year ago. 

Total income climbed to Rs 14,286.91 crore in Q3 from Rs 12,071.54 crore in the year-ago period. Total expenses stood at Rs 9,105.94 crore in the December quarter against Rs 7,899.85 crore a year earlier.

The board also approved a third interim dividend of Rs 4.30 per share for the financial year 2024-25. It fixed February 14 as the record date for shareholders to become eligible for the payment.

It further approved formation of a joint venture between REC Power Development and Consultancy Limited (a wholly-owned subsidiary of REC) and Mahagenco Renewable Energy Limited in the shareholding ratio of 50:50 for the development of renewable energy and other power projects.

The proposal remains subject to requisite clearances/ concurrences/ approvals of statutory/administrative authorities, wherever required.

In terms of technicals, the relative strength index (RSI) of REC stands at 43.7, signaling it's trading neither in the overbought nor in the oversold territory. REC shares are trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap stock is down 13.52% in a year and gained 259.02 per cent in two years.

REC, under the Ministry of Power, is a non-banking finance company (NBFC), public financial institution (PFI) and infrastructure financing company (IFC).