Multibagger power financing stocks, Power Finance Corporation (PFC) and Rural Electrification Corporation (REC), came under bulls’ radar in Thursday’s session, July 10, after global brokerage firm Morgan Stanley gave an optimistic outlook on both state-owned companies.
The brokerage-initiated coverage on both stocks with an ‘Overweight’ rating, assigning a target price of ₹508 for Power Finance Corporation, indicating a 10% upside from Wednesday’s closing price. For Rural Electrification Corporation, it set a target of ₹485 apiece, suggesting a 23% upside from the recent close.
Following this development, both stocks witnessed healthy demand on Dalal Street, with PFC shares gaining 3.12% to touch the day’s high of ₹430.75, while REC shares rose 2.5% to hit ₹401.45 apiece.
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