REC, PFC shares rally up to 4.5% as ICICI Securities initiates coverage with ‘buy’ rating
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Shares of power financiers PFC and REC surged up to 4.5% in an early trade on the BSE today, January 14, after domestic brokerage firm ICICI Securities initiated coverage on the stocks, issuing "Buy" ratings for both with a target price of Rs 550 for PFC and Rs 600 for REC. Following this, PFC shares rallied 4.4% to their day’s high of Rs 406.40, while the shares of REC surged by 3.65% to an intraday high of Rs 462.65 on the BSE. The report highlights a substantial Rs 43 lakh crore pipeline for power generation and transmission projects as a key growth driver for these financiers. This pipeline represents significant lending opportunities for PFC and REC. ICICI Securities, in its note also identified energy transition funding as a crucial catalyst for growth in the sector. As India moves towards renewable energy sources, the need for financing in this area is expected to increase, which is likely to benefit these companies. Both...