REC slips despite strong Q4 nos

Rural Electrification Corporation (REC) has slipped over 2.5% in late morning trades despite the company annoucing strong numbers.

The company today reported 44.6% jump in Q4 net profit at Rs 561.17 crore for the quarter ended March 31, 2010, as against Rs 388.04 crore in the corresponding quarter a year ago. Total income grew 29.2% to Rs 1,869.57 crore from Rs 1,447.09 crore.

The group's FY10 consolidated net was up 58.8% at Rs 2,022.25 crore from Rs 1,273.52 crore in FY09. Total income increased from Rs 4,936.55 crore to Rs 6,747.63 crore.

The stock trades at Rs 263, and around 397,000 shares have changed hands at the counter so far on the BSE. The daily average traded volumes in the last two weeks stood at 243,000 shares.