Rural Electrification Corporation rose 3.76% to Rs 182.10 at 14:22 IST on BSE after the company's subsidiary transferred its wholly-owned unit, Kudgi Transmission, to L&T Infrastructure Development Projects for Rs 15.19 crore.
The announcement was made during trading hours today, 5 September 2013.
Meanwhile, the BSE Sensex was up 285.47 points, or 1.54%, to 18,853.02.
On BSE, 1.57 lakh shares were traded in the counter compared with average volume of 2.49 lakh shares in the past one quarter.
The stock hit a high of Rs 183.95 and a low of Rs 177.50 so far during the day. The stock hit a 52-week low of Rs 146.15 on 5 August 2013. The stock hit a 52-week high of Rs 267.50 on 4 January 2013.
The stock had outperformed the market over the past one month till 4 September 2013, rising 16.15% compared with the Sensex's 3.11% decline. The scrip had, however, underperformed the market in past one quarter, falling 20.98% as against Sensex's 5% fall.
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The large-cap company has an equity capital of Rs 987.46 crore. Face value per share is Rs 10.
Rural Electrification Corporation (REC) announced that its wholly-owned subsidiary, REC Transmission Projects Company (RECTPCL), transferred its wholly-owned subsidiary, Kudgi Transmission (KTL), to L&T Infrastructure Development Projects.
RECTPCL has received an acquisition price of Rs 15.19 crore from L&T Infrastructure Development Projects towards acquisition of KTL along with its all assets and liabilities.
KTL was incorporated for developing transmission system required for evacuation of power from Kudgi TPS (3 x 800 megawatts in phase-I) of NTPC.
REC announced after market hours on Tuesday, 3 September 2013, that RECTPCL, transferred its wholly-owned subsidiary, Vizag Transmission (VTL), to Power Grid Corporation of India. REC shares spurted 6.56% to Rs 175.50 on Wednesday, 4 September 2013.
RECTPCL has received an acquisition price of Rs 15.41 crore from Power Grid Corporation of India towards acquisition of VTL along with its all assets and liabilities.
VTL was incorporated for establishing transmission system for system strengthening in southern region for import of power from eastern region.
REC's net profit surged 31.6% to Rs 1153.66 crore on 29.4% growth in total income to Rs 4001.38 crore in Q1 June 2013 over Q1 June 2012.
REC's main objective is to finance and promote rural electrification projects all over the country. The company provides financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects as are sponsored by them. The Government of India owns 66.80% stake in REC (as per the shareholding pattern as on 30 June 2013).
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