REC LOAN SANCTIONS
Stock Radar: Multibagger in a year! REC breaches 3-week consolidation; time to buy?
The stock price surged 242% from Rs 164 on July 4, 2023, to Rs 562 on July 3, 2024, reaching a record high of Rs 607 on June 3, 2024. However, it couldn't sustain the momentum and consolidated around Rs 500 for three weeks before finally breaking out this week.
REC loan sanctions grow 24% to Rs 1.12 lakh crore in Q1; Rs 40K cr for renewables
REC Ltd sanctioned Rs 1,12,747 crore in loans during April-June FY25, reflecting a 24.17% growth from the previous year. The company's focus on renewable energy projects and power sector financing in India remained strong, with significant loan disbursements in the period.
REC loan sanctions grow 24 pc to Rs 1.12 lakh crore in Q1; Rs 40k cr for renewables
Loan disbursements rose 27.89 per cent to Rs 43,652 crore in the period under review. During June quarter FY25, Rs 39,655 crore was sanctioned for renewable energy projects, up 58.72 per cent from the year-ago period. Loan disbursements more than doubled to Rs 5,351 crore from Rs 1,534 crore.
Amnish Aggarwal on 2 top cement large-cap stocks to bet on; best buy in auto
“Mahindra & Mahindra continues to be an exception where the volume growth continues to be good, both in UVs as well as if you look at the tractors, tractors after last year's decline are turning to be positive, although the valuations are rich, if a double-digit volume growth in the PV business continues, M&M can still do well from the current levels.”
RBI's latest norms may derail Modi govt's flagship economy driver
RBI's draft guidelines propose increased provisioning for infrastructure projects under construction, potentially impacting India's capital expenditure momentum. Banks fear higher provisions could elevate interest rates, delay projects, and stress loans. This move could impede the Modi government's capex drive, which has invigorated private sector activity. Despite historical loan default trends, RBI's rationale for these stringent measures remains unclear
REC aims to double loan book to Rs 10 lakh cr by FY30
REC Ltd is targeting a loan book of Rs 10 lakh crore by 2029-30, with 50-60% of the portfolio consisting of conventional power generation, transmission, and distribution projects and 30% focused on renewable energy. The company's assets under management are around Rs 5 lakh crore. The power ministry has projected a need for 85 GW of coal-based power capacity by FY32.
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REC Q4 Results: Net profit jumps 33% to to Rs 4,079 cr on core income, provision write-back
Infrastructure financier REC on Tuesday reported a 33 per cent rise in its consolidated net profit to Rs 4,079 crore in the March quarter, helped by a healthy growth in core income and a provision write-back.
REC sanctions record Rs 3.59 lakh crore loan in FY24
REC sanctioned record Rs 3.59 lakh crore loans in 2023-24, focusing on renewable energy. Its loan book reached Rs 5.09 lakh crore by March 31, 2024, with a significant increase in loan disbursements.
SBI to down-sell half of ₹11,000 crore loan to Adani's Ganga Expressway project
State Bank of India (SBI) is reportedly in advanced discussions to downsell half of its approximately ₹11,000-crore loan exposure to the Adani Group's Ganga Expressway project. SBI is engaging with institutions like the National Bank for Financing Infrastructure and Development (NaBFID), Punjab National Bank (PNB), and power finance companies for the downselling. The move follows the standard practice in infrastructure financing, allowing banks to diversify risk by selling portions of large loan exposures. At least four lenders have shown interest in acquiring the debt from SBI.
GMR mops up Rs 3,215-crore funds for Vizag International Airport
Among the five lenders, REC has sanctioned the highest amount of Rs 1,245 crore, followed by India Infrastructure Finance Company (IIFCL) (`860 crore) and Exim Bank (Rs 455 crore), the people said. The other two members in the consortium are Central Bank of India which sanctioned Rs 364 crore and Bank of Maharashtra that has agreed to lend Rs 291 crore, the people said.
IREDA chief expects navratna status soon, not worried about REC, PFC competition
“We are a Government of India company and getting navratna status is the Government of India's process. We are meeting all the criteria and I believe that the recent meeting was quite satisfactory. Since it is the Government of India's internal process and decision, I will not divulge what we have discussed there. We are hopeful that the process will get completed soon”.
Lending to renewables will go up tenfold: REC
REC Ltd, a state-run infrastructure finance firm, achieved a record quarterly net profit in the September quarter. REC's Chairman and Managing Director, Vivek Kumar Dewangan, aims to increase lending to the renewable energy sector tenfold and raise the share of renewable energy in its loan book to 30% over the next seven years.
REC to raise $300-$500 million in Yen-denominated green bonds
"We plan to start roadshows in the second half of November to raise $300-500 million. The issuance will happen after that, depending on the response," said Vivek Kumar Dewangan, chairman and managing director, REC Ltd, adding that the company expects the coupon rate to be in the range of 6% compared to the company's overall borrowing cost of 7.23%
GMR lines up Rs 4,000-crore loan to build Vizag international airport
GMR has secured a ₹4,000-crore loan from an infrastructure finance company to construct a new airport in Vizag. The airport will be GMR's fourth major airport in India and will be built in three phases, accommodating 6 million passengers in the first phase and 40 million passengers once completed. The loan has a 14-year term with an interest cost of around 10% per year.
REC sanctions Rs 6,075 crore loan to Greenko, Rs 3,081 crore debt to Serentica Renewables
The REC is on a trajectory to achieve a green finance loan book of Rs 3 lakh Crore by the fiscal year 2030, a statement said.
Why REC is confident of reaching net zero NPA by ‘25, AUM target before 2030
:The overdues of generation and transmission companies have come down by almost half, from Rs 1,40,000 crore to Rs 70,000 crore. All current dues are being paid on time. Subsidies are coming from the government. Tariff revisions are happening. That has given a lot of impetus to the sector and the investors are quite excited about it. These are the things working in favour of power companies like REC."
States' dues to power generating companies halved to Rs 61,025 crore: Power minister RK Singh
There has been significant improvement in the realisation of dues of power generating companies post implementation of Electricity (Late Payment Surcharge and Related Matters) Rules, 2022, promulgated on June 3, 2022, Union Minister for Power, New and Renewable Energy RK Singh informed the Lok Sabha.
Reforms improved financial viability of the power sector: VK Singh, REC director-technical
India is at 175 GW and needs to add 325 GW by 2030. REC aims to build a renewable portfolio and explore opportunities in solar, wind, hydro, storage, hydrogen and methanol initiatives, said VK Singh.
ACME Solar in talks to raise debt of Rs 4,000 cr
According to two sources familiar with the matter, the discussions have reached an advanced stage, and the loan is expected to be sanctioned soon.
High dividend yielding stocks for your portfolio; 5 stocks with dividend yields from 7.53% to 10.68%
Importance of having high-dividend-yielding stocks in one’s portfolio is realized by the majority at the time of correction. One which is being witnessed in markets. For the purpose of this report, we had kept the dividend yield of at least 7 percent as a benchmark. Another condition was that the company should have a track record of paying dividends in the last four of the five years.
Stringent financing norms to hit PSU power companies: Banks
Inability to access bank funds could adversely impact these power utilities already facing high electricity demand.
Power ministry tells banks to be cautious when lending to discoms
This is the first time that the Centre has warned banks, expressing concern about the financial position of distribution companies and potential adverse impact on the banking system.
REC Q1 results: Net profit jumps 23% to Rs 2,268 cr
Its total income during April-June 2021 rose to Rs 9,639.98 crore, from Rs 8,136.37 crore in the year-ago period.
Discoms liquidity infusion: Tamil Nadu tops chart of states with Rs 30,000 crore sanctioned loan
The southern state is followed by Uttar Pradesh and Maharashtra, with their state discoms being sanctioned loans of Rs 20,940 crore and Rs 14,310 crore, respectively.
Loans worth Rs 1.18 lakh crore sanctioned under discom liquidity package
"The company and its subsidiary REC Ltd, upto October 31, 2020, has sanctioned an amount of Rs 1,18,273 crore respectively under this scheme of liquidity package to eligible discoms," PFC said in a BSE filing.
Tamil Nadu gives guarantee, budgetary support for Rs 30,230 cr liquidity loans
The state has issued administrative orders for unconditional and irrevocable government guarantee and commitment letters from finance department for financial assistance of Rs 30,230 crore for loan proposed to be availed from PFC and REC Ltd, sources said.
Rs 1.08 lakh crore worth loans sanctioned under discom liquidity package
"Till date, REC and PFC (Power Finance Corporation) have sanctioned Rs 1.08 lakh crore and released nearly Rs 30,000 crore to discoms under the scheme," REC said in a statement.
Rs 68K crore of loans released under discoms liquidity package
The loans under the package will be co-funded by PFC and REC in equal proportion. The loans would be sanctioned in two equal tranches. The package was announced on May 13, 2020.
Uttar Pradesh seeks Rs 20,940 crore loan to clear power bills
This is the largest loan application made so far by any state distribution company under the scheme. Tamil Nadu has asked the Centre to relax borrowing cap and has shown intent to borrow about Rs 20,622 crore. The power ministry has approached the Cabinet for the relaxations and the matter is likely to be taken up soon.
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