PFC, REC Merger: Who Gains More? Shares Jump, Future Nifty Inclusion Possible

• PFC and REC shares reacted differently post-merger announcement; PFC jumped, REC fell initially.
• Bernstein analyst suggests PFC shareholders will benefit more, despite both stocks being cheap.
• PFC already holds 52.6% in REC; full acquisition could reduce Centre's stake in PFC to 42%.
• Emkay Global outlines three merger possibilities: buyback, capital infusion, or Companies Act amendment.
• Merged entity could become India's 8th most profitable company, potentially entering Nifty, with improved bargaining power and pricing power.