REC stock rallied over 8 per cent on the NSE on Thursday after the company reported its financial results for the quarter and year ended March 2024 on April 30, 2024.

The stock traded higher by 8.46 per cent at ₹550.75 as of 1.08 pm, and has hit a 52-week high at ₹555.70.

The State-owned on Tuesday posted a 33 per cent rise in its consolidated net profit to ₹4,079.09 crore during the March quarter on account of higher income.

Its net profit during the January-March quarter preceding FY23 was at ₹3,065.37 crore.

The board had recommended a final dividend of ₹5 per equity share of ₹10 each for the FY24. 

In addition, the board had approved the incorporation of project-specific special purpose vehicles (SPVs), a wholly-owned subsidiary of REC Power Development & Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, for two inter-State transmission projects to be implemented through tariff-based competitive bidding process.

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