REC shares jump nearly 8% after quarterly earnings announcement

New Delhi: Shares of REC jumped nearly 8 percent on Wednesday a day after the state-owned company posted a 13.5 percent rise in its profit at Rs 3,308.42 crore for the December quarter.

The shares of the company advanced 7.65 percent to settle at Rs 468 apiece on the NSE.

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On the BSE, REC shares climbed 7.63 percent to close at Rs 467.50 per piece.

On the volume front, 11.44 lakh equity shares were traded on the BSE, while 3.52 crore shares exchanged hands on the NSE, during the day.

At the end of the trading session on Wednesday, the 30-share BSE Sensex zoomed 689.76 points or 0.98 percent to settle at 71,060.31, while NSE Nifty gained 1.01 percent to end at 21,453.95.

On Tuesday, REC Ltd said it posted a nearly 13.5 percent rise in its consolidated net profit at Rs 3,308.42 crore for the December quarter, mainly on the back of higher revenues.

Its profit was Rs 2,915.33 crore in the quarter ended December 2022, the company said in a regulatory filing

The total income of REC Ltd rose to Rs 12,071.54 crore in the quarter from Rs 9,795.47 crore in the same period a year ago, it added.

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