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REC, PFC, the top gainers on the PSE index in 2023 are back at a record high
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Both REC and PFC were the top gainers on the Nifty PSE index for 2023, with both shares gaining 250% and 240% respectively for the year.
Shares of REC Ltd. and Power Finance Corporation Ltd. are trading with gains between 8% and 10% on Thursday. Both the stocks are trading at their respective all-time highs.
While shares of REC are up for the eighth day running, those of PFC are up for the third day in a row.
REC reported its March quarter results on Tuesday where its Net Interest Income increased by 25% from last year, while net profit grew 33% aided by a higher other income and higher provision write back.
Gross NPA for the quarter stood at 2.71% from 2.78% in December, while Net NPA stood at 0.86% from 0.82% earlier.
PFC will be reporting its results later this month.
REC ended the month of April with gains of 12%. It had gained 20% in January this year, before correcting 11% in February. The stock was flat in the month of March.
In PFC’s case, the stock surged 13% in April, and gained 16% in January. The stock fell 10% in February and 3% in March.
Both REC and PFC were the top gainers on the Nifty PSE index for 2023, with both shares gaining 250% and 240% respectively for the year.
On the charts, both REC and PFC are trading in “overbought” territory. While REC is trading with a Relative Strength Index (RSI) of 78, PFC is trading with an RSI of 76. An RSI reading above 70 indicates that the stock is in “overbought” territory.
“Both REC & PFC have displayed confident breakouts on their respective weekly charts. The setup in PFC looks more rewarding from hereon as its Daily ADX is now positioned for a fresh breakout above its 25 level which is key indicator for guaging further trend strength & momentum going forward. We expect both REC & PFC to extend their ongoing upmove towards ₹588 & ₹518 respectively,” said Sacchitanand Uttekar of Tradebulls.
“Fresh long additions could be deployed in PFC up to ₹464 with a stop below ₹452 on a closing basis for an upside towards ₹518,” he added.
Shares of PFC are trading 6.5% higher at ₹470, while those of REC are trading 8.6% higher at ₹550.
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