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Shares of REC surged 8.05% in the past four sessions. The stock outperformed the market over the past one month, rising 23.06% compared with 2.57% increase in the Nifty 50.
The scrip outperformed the market in past one quarter, climbing 33.97% compared with 9.52% increase in the Nifty 50.
The scrip outperformed the market in past one year, rising 83.57% compared with 21.88% increase in the Nifty 50.
On the technical front, the stock's daily RSI (relative strength index) stood at 69.68. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 136.96, 127.20 and 116.99, respectively. These level will act as near-term support.
REC is a Maharatna company under the Ministry of Power. It was founded in 1969 to provide financial assistance to the power sector. REC has been appointed as a Nodal Agency for Government of India's flagship schemes and is committed towards nation-building.
On a consolidated basis, net profit of REC rose 33.20% to Rs 3065.37 crore on 6.33% increase in net sales to Rs 10243.06 crore in Q4 March 2023 over Q4 March 2022.
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