Page 57 - Rec News Today

“It is the same story in railway stocks and power stocks. You have to be very selective there. Among power stocks NTPC still has some value left. Tata Power also looks very good to me. The two stocks to buy now at current levels are Piramal Enterprises and CONCOR. ”

Sectorally, buying was seen in infra, realty, public sector, and oil & gas stocks while selling was seen in healthcare and FMCG space. Stocks that were in focus include names like Graphite India which rallied more than 8%, PFC rose more than 12% and REC closed with gains of over 10% to a new high on Friday.

Institutes raise funds from US, hold events, ink corporate agreements

The Mou was signed on Friday between Dewangan and Parminder Chopra, CMD of Power Finance Corporation (PFC) in presence of other senior officials from of the companies, in Gurugram.

On Thursday, shares of Cochin Shipyard soared 20% to an all-time high of ₹1,146. Mazagaon Dock Shipbuilders shares jumped by 9.51%. Indian Railway Finance Corporation, KIOCL, Power Finance Corp, REC rose by 4-7%. The BSE PSU Index gained 1.5% and the benchmark Sensex advanced 0.6%.

Several midcap stocks in the Indian stock market made significant moves by crossing their 20-day Simple Moving Averages (SMA) on September 7.

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State-owned REC announced on Wednesday that a group of six banks helped it raise USD 1.15 billion in two installments in August. According to the Reserve Bank of Indias ECB requirements, loan proceeds must be used to finance projects in the infrastructure, logistics, and power sectors.

Rec: The loans have been tied up for a 5-year tenor and are benchmarked to Overnight SOFR (Secured Overnight Financing Rate), which is the benchmark rate for the loans denominated in USD.

The loan is earmarked for refinancing purposes, allowing REC to provide further loans to its borrowers within the power, infrastructure, and logistics sectors specifically for the import of capital equipment.