Rural Electrification Corporation (REC) witnessed a rise in share price on Thursday after the company has signed Memorandum of Understanding (MoU) with Andhra Pradesh Power Generation Corporation and Transmission Corporation of Andhra Pradesh to provide loan of Rs 90 billion.
REC will provide Rs 30 billion loan to Andhra Pradesh Power Generation Corporation (APGENCO) for the proposed 500 MW Solar Power Generation Project in Anantapur District of Andhra Pradesh.
Transmission Corporation of Andhra Pradesh (APTRANSCO) will get Rs 60 billion loan from REC for various Transmission & System improvement projects coming up in the Capital region of Andhra Pradesh.
Shares of Rural Electrification Corporation are trading at Rs 270, up Rs 4.1, or 1.54% at the Bombay Stock Exchange (BSE) on Thursday at 12:42 p.m.
Total volume of shares traded on the bourses today was lower by 53.92% to 1,131,703 compared with 22-day average volume of 2,455,821.