REC shares rise nearly 2% as Bernstein sees buying opportunity amid recent correction

By Aditya Bhagchandani Published on November 22, 2024, 10:22 IST

Shares of REC Limited rose by 1.84% to trade at ₹500 as of 10:19 AM on Friday. The stock saw renewed buying interest after global brokerage firm Bernstein reiterated its “overweight” rating with a target price of ₹653, indicating a potential upside of 33% from Thursday’s closing level of ₹490.95.

Key Highlights:

Brokerage Stance: Bernstein remains optimistic about REC and its counterpart Power Finance Corporation (PFC), viewing the recent correction as an “enhanced buying opportunity.”
Price Target: The brokerage’s target price for REC stands at ₹653, while PFC is pegged at ₹620, implying upsides of 33% and 37%, respectively.
Recent Market Movements: The uptick follows a decline in the stocks of both REC and PFC on Thursday, largely attributed to concerns over REC’s exposure to the Adani Group.

REC

Aditya Bhagchandani

Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.