Rs 1.05 lakh crore fund raise plan proposed: Multibagger stock hits all-time high on stellar Q1 results and dividend announcement!
The stock gave multibagger returns of 103 per cent in just 1 year and over 150 per cent in 3 years.
REC Ltd, a leading PSU under the Ministry of Power involved in financing projects in the complete power sector value chain from generation to distribution. The company's announcement of its Quarterly Results, dividend and fundraising plan caused its stock price to hit an all-time high. Details below:
Quarterly results: The net sales increased by 16.74 per cent to Rs 11,087.56 crore, operating profit increased by 29.4 per cent to Rs 10,775.66 crore and net profit increased by 20.94 per cent to Rs 2.968.05 crore in Q1FY24 compared to Q1FY23.
Dividend update: The company declared an interim dividend of 30 per cent or Rs 3 per equity share of Rs 10 each for the financial year 2023-2024. The company fixed the record date for the final dividend as Monday, August 14, 2023.
Fundraise plan update: The proposal of raising funds through private placement of unsecured/secured non-convertible bonds/ debentures of up to Rs 1.05 lakh crore, in one or more tranches, subject to the approval of shareholders in this regard in the ensuing Annual General Meeting (AGM).
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On Friday, shares of REC Ltd surged 4.57 per cent to an all-time high of Rs 196.85 per share from its previous closing of Rs 188.25. At the closing bell, shares of the company were trading at Rs 194.35 per share, up 3.24 per cent with a spurt in volume by more than 2.42 times on BSE.
The shares of the company are hitting back-to-back 52-week highs in recent trading sessions. Furthermore, during the preceding financial year 2022-2023, the company declared bonus shares in the ratio of 1:3, with a record date of August 08, 2023.
The stock gave multibagger returns of 103 per cent in just 1 year and over 150 per cent in 3 years. Investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.