REC gets Maharatna company status

22 Sep 2022 , 05:05 PM

In an exchange filing, the public finance company said, Based on its financial and other parameters, the Department of Public Enterprises (DPE), Ministry of Finance, Government of India, vide its office memorandum (OM) dated 21 September 2022, has conveyed grant of Maharatna status to REC. REC, a Navratna company under the Ministry of Power, provides financial assistance to the power sector in all segments. It funds its business with market borrowings of various maturities, including bonds and term loans apart from foreign borrowings. The company recorded 8.2% rise in consolidated net profit to Rs 2,454.16 crore on a 0.5% decline in total income to Rs 9,506.06 crore in Q1 FY23 over Q1 FY22. Shares of REC closed 0.73% higher at Rs 103.65 on the BSE Powered by Capital Market – Live News