REC, PFC Shares Rise After Morgan Stanley Gives ‘Overweight’ Rating

Shares of REC Ltd and Power Finance Corp (PFC) rose up to 1.5% on July 10 after Morgan Stanley initiated coverage with 'overweight' ratings. The brokerage set price targets of ₹485 for REC and ₹508 for PFC, indicating 23% and 21% upside potential, respectively. At 9:45 am, REC was up 1.4% at ₹397 and PFC up 1.2% at ₹423. Morgan Stanley cited strong loan growth, healthy ROEs, attractive valuations, and stable asset quality as key positives.