REC's shares rally 7% after Q3 earning announcement

New Delhi: Shares of REC Ltd gained 7 per cent in the mid-trading session on Wednesday, after the state-owned company posted a 13.5 per cent rise in its profit at Rs 3,308.42 crore for the December quarter.

The company's scrip jumped 6.83 per cent to Rs 464 apiece on the BSE.

The REC Ltd's shares climbed 6.72 per cent to trade at Rs 463.95 per piece on the NSE.

In the mid-trading session, the 30-share BSE Sensex gained 212.43 points or 0.30 per cent higher trading at 70,582.98 points, while NSE Nifty saw a 0.18 per cent increase, trading at 21,277.55.

In a regulatory filing on Tuesday, REC Ltd said it posted around a 13.5 per cent rise in its consolidated net profit at Rs 3,308.42 crore for the December quarter, mainly on the back of higher revenues.

Its profit was Rs 2,915.33 crore in the quarter ended December 2022. The total income of REC Ltd rose to Rs 12,071.54 crore in the quarter from Rs 9,795.47 crore in the same period a year ago, the company added.