Shares of Maharatna REC, State Lender PNB Gain 3%-6% Today, Why?

Shares of Maharatna large cap company REC Ltd and state lender Punjab National Bank gained up to 3% to more than 6% in trade today. REC Ltd inked a a memorandum of understanding (MoU) with Punjab National Bank (PNB) for co-financing loans approximately Rs 55,000 crore for several projects in the sectors of infrastructure, power, and logistics in the next three-years.

REC shares gain 6.36% Intraday: Current market price of REC stock is Rs 284.30 per share with intraday gain of 6.36% on BSE. Its 52-week high price is Rs 285.80 per share and 52-week low price is Rs 91.00 per share, respectively. The company has a market capitalisation of Rs 74,862.56 crore. REC stock surged 147% in last 6-months, gained 194% in last 1-year, and offered return of 283% in last 3-years. In last 5-years, REC shares gained 286%.

PNB Shares Soar 2.95%: Current market price of Punjab National Bank stock is Rs 81.68 per share with intraday gain of 2.95% on BSE. PNB shares' 52-week high price is Rs 81.85 apiece and 52-week low price is Rs 34.25 apiece, respectively. The company has a market cap of Rs 89,684.72 crore. PNB stock offered shareholders return of 120% in last 1-year and gave 179% return in last 3-years. In last 5-years, PNB stock offered return of 29%.

"REC Limited signed an MoU with Punjab National Bank (PNB) on Tuesday to jointly explore the possibility to fund the Power Sector and Infrastructure and Logistics Sector projects under the consortium arrangement. REC and PNB will associate with each other to co-finance loans amounting to Rs 55,000 crore over the next three years," the statement said.

The memorandum of agreement was inked between TSC Bosh, executive director (Infra & Logistics), REC, and PNB Chief General Manager Rajeeva.

About REC: REC is a 'Maharatna' company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as non-banking finance company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC).

About PNB: Punjab National Bank (PNB), India's first Swadeshi Bank, commenced its operations on April 12, 1895 from Lahore, with an authorized capital of ? 2 lac and working capital of ? 20,000. The Bank was established by the spirit of nationalism and was the first bank purely managed by Indians with Indian Capital. During the long history of the Bank, 9 banks have been merged/ amalgamated with PNB.

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