277% return in 1 year: This multibagger PSU stock in focus today - Here's why

REC Ltd Share Price: Shares of State-owned REC Ltd opened in green at Rs 633.75 today. The counter surged further to touch the high of Rs 643.65 in the initial trade. This is a surge of around 2.2 per cent from the previous close of Rs 629.70 on the BSE. Last seen, the multibagger PSU stock was trading at Rs 638.40.

REC Ltd Share Price History

The PSU stock has given a positive return of 277 per cent in one year and 552 per cent in two years. The counter has already gained over 50 per cent this year. 

REC Ltd In News

The shares of REC Ltd are in focus as the company has announced that it has got a loan of JPY 31.96 billion Japanese yen (equivalent to USD 200 million) from Deutsche Bank's GIFT City branch to finance green energy projects in India.

According to a statement, REC has availed a green loan of JPY 31.96 billion (equivalent to USD 200 million). The facility is a first of its kind collaboration between an Indian government entity and Deutsche Bank AG, GIFT City branch.

The facility also marks one of the first JPY-denominated green loan transaction for Deutsche Bank AG, GIFT City.

Vivek Kumar Dewangan CMD, REC Ltd, said in the statement, "This successful transaction is in line with REC's commitment to enhance its green energy financing and sustainable projects capabilities as well as the global community's support for sustainable development projects in India. This benchmark transaction is anticipated to pave way for more such collaborations in future which can help in achieving nation's goals in green space financing." 

Kaushik Shaparia, CEO, Deutsche Bank Group, India, said, "Our collaboration with REC underscores our steadfast commitment to advancing environmentally responsible initiatives and promoting sustainable financing within India. This transaction reinforces Deutsche Bank's expertise in green financing, demonstrating our ability to support clients in their transformation towards a carbon-free future."

With PTI inputs