PFC, REC shares rally up to 3% after Emkay initiates coverage with up to 31% upside
Shares of REC Ltd and PFC surged 2.8% after Emkay Global initiated coverage with a BUY rating, citing sustained loan growth, stable margins, and improving asset quality. Emkay highlights the robust capex plans in the power sector, government reforms, and attractive valuations as key reasons for their optimistic stance on these PSU power financiers.