REC Ltd shares surged 2.4% after global brokerage firm CLSA reaffirmed its ‘Outperform’ rating with a target price of ₹525. The brokerage remains bullish on REC despite a leadership change at the company.
The Ministry of Power has assigned Parminder Chopra, CMD of Power Finance Corporation (PFC), as the interim Chairman and Managing Director (CMD) of REC. PFC holds a 52.63% stake in REC, ensuring leadership continuity within the group. Historically, top-level REC appointments have often included external candidates who later move into key government roles. CLSA believes that while the transition may involve short-term operational adjustments, the company’s strong fundamentals remain intact.
REC’s robust loan growth, healthy asset quality, and strong return profile continue to drive CLSA’s confidence.
REC Ltd shares opened at ₹433.00, reaching a high of ₹439.60 and a low of ₹432.10 in today’s session. The stock remains significantly below its 52-week high of ₹654.00 but above its 52-week low of ₹357.35.
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