Sell REC, target price Rs 120: Kunal Bothra

Kunal Bothra has sell call on REC with a target price of Rs 120. The current market price of REC is Rs 124.65. Kunal Bothra recommended to keep a stop loss at Rs 130.

REC key products/revenue segments include interest which contributed Rs 22,035.57 crore to sales value (98.55 per cent of total sales), income from financial services which contributed Rs 309.31 crore to sales value (1.38 per cent of total sales) and income from sale of share & securities which contributed Rs 13.39 crore to sales value (0.05 per cent of total sales) for the year ending 31 March, 2018.

For the quarter ended 30-06-2019, the company has reported a consolidated sales of Rs 6,975.42 crore, up 6.44 per cent from last quarter sales of Rs 6,553.37 crore and up 21.61 per cent from last year same quarter sales of Rs 5,736.01 crore. The company has reported a net profit after tax of Rs 1,502.65 crore in latest quarter. The company’s top management includes Bhagwat Kishanrao Karad, A Krishna Kumar, Ajeet Kumar Agarwal, Mritunjay Kumar Narayan, Praveen Kumar Singh, Sanjeev Kumar Gupta, Asha Swarup, T T Ram Mohan. The company has SK Mittal & Co. as its auditor. As on 30-06-2019, the company has a total of 1,97,49,18,000 shares outstanding.