REC rallies 9% on highest-ever quarterly profit in Q2; PFC surges 7%

Shares of REC Ltd hit a new high of Rs 307.35, as they rallied 9 per cent on the BSE in Thursday’s intra-day trade after the company posted its highest-ever quarterly profit at Rs 3,773 crore during the second quarter of the financial year 2023-24 (Q2FY24). The profit was up 28 per cent over corresponding period in financial year 2022-23. The stock of state-owned power sector financing company surpassed its previous high of Rs 299.10 touched on October 16. Meanwhile, shares of Power Finance Corporation (PFC) too hit a new high of Rs 259.25, surpassing its earlier high of Rs 258.15 touched on October 16.