Home India Rural Electrification aims to lend Rs 10,000 crore for clean energy push
Rural Electrification aims to lend Rs 10,000 crore for clean energy push

Rural Electrification aims to lend Rs 10,000 crore for clean energy push

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A state-owned non-banking financial company, Rural Electrification Corp., (REC), plans to lend nearly Rs 10,000 crore ($1.5 billion) to clean-energy projects and equipment manufacturers, this fiscal. The aim is to triple its clean-energy lending and expand its footprints into renewable energy. The company also plans to issue green bonds in Europe and social impact bonds in Scandinavia to raise funds, as reported on a national news portal. Company’s strategy focuses on a push by companies associated with the conventional power to shift resources toward clean energy. The decision comes at a time when some coal-fired electricity generators struggle to service debts, and its objective is to align itself with country’s climate change goals, said a market analyst. India added 8 GW of new renewable energy between April 2016 to February 2017, reaching total installed capacity of 51 GW, according to a national news portal.

Stock View:

Rural Electrification Corporation Ltd is currently trading at Rs 199.6, up by Rs 1.45 or 0.73% from its previous closing of Rs 198.15 on the BSE. The scrip opened at Rs 200 and has touched a high and low of Rs 204.55 and Rs 198.65 respectively. So far 18307630(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 39133 crore. The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high of Rs 216.2 on 17-Apr-2017 and a 52 week low of Rs 76.4 on 24-May-2016. Last one week high and low of the scrip stood at Rs 216.2 and Rs 191.8 respectively. The promoters holding in the company stood at 60.64 % while Institutions and Non-Institutions held 29.35 % and 10.02 % respectively. The stock is currently trading above its 50 DMA.

Source:Indiainfoline
Anand Gupta Editor - EQ Int'l Media Network

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