According to reports, REC and PFC shares saw a 3% rally after Morgan Stanley initiated coverage with an overweight rating. The global brokerage set a price target of Rs 485 for REC and Rs 508 for PFC, suggesting potential gains of 23% and 21% respectively from their previous closing prices.
Key highlights:
• Morgan Stanley gave REC and PFC positive coverage with overweight ratings.
• Price targets set at Rs 485 for REC and Rs 508 for PFC.
• Both stocks surged by up to 3% following the announcement.
The development indicates growing investor confidence in the Indian energy sector and highlights potential investment opportunities in these companies.
Source: Economic Times