IREDA stock price zooms 6% on strong June quarter business update | News on Markets

IREDA stock jumps in trade: Shares of Indian Renewable Energy Development Agency Limited (IREDA) climbed as much as 6.06 per cent to hit an intraday high of Rs 202 per share on Monday. 

The uptick in the stock price came after the company announced a strong set of June quarter (Q1FY25) business update. 

In an exchange filing, IREDA said, “We are pleased to inform you that IREDA has recorded Loan Sanctions at Rs 9136 crore and loan disbursements at Rs 5,320 crore during 1st Quarter ended June 30, 2024, a significant growth of 382.62 per cent and 67.61 per cent respectively over corresponding quarter of FY 2023-24. Loan Book stands at Rs 63,150 crore, a record growth of 33.77 per cent.”

In Q1FY25, the company’s loan sanctioned zoomed 382.62 per cent on a year-on-year (Y-o-Y) basis to Rs 9,136 crore, as opposed to Rs 1,893 crore in the same quarter a year ago (Q1FY24).

During the same period, loan disbursements zoomed 67.61 per cent to Rs 5,320 crore, as compared to Rs 3,174 crore in Q1FY24.

Additionally, loan book climbed 33.77 per cent on a Y-o-Y basis to Rs 63,150 crore in Q1FY25, as against Rs 47,207 crore in Q1FY24.

IREDA is a public sector enterprise established in 1987. It operates under the ownership of the Government of India and falls under the administrative oversight of the Ministry of New and Renewable Energy (MNRE). 

Last year in November, IREDA conducted an initial public offering (IPO) and got listed on the NSE and BSE, marking a major milestone in its history. IREDA stock listed at Rs 50 on BSE, a premium of 56.25 per cent over the IPO issue price of Rs 32.

IREDA’s primary mission is to promote and facilitate the development of projects related to renewable energy sources and energy efficiency. 

As a Non-Banking Financial Institution (NBFC) and a Mini Ratna (Category – I) enterprise, it plays a crucial role in providing financial assistance and other essential services to support the growth of green power capacity. 

Additionally, IREDA finances the establishment of solar manufacturing units and encourages the adoption of renewable energy to foster sustainable development.

At 11:58 AM, shares of IREDA were trading 3.20 per cent higher at Rs 196.55. By comparison, BSE Sensex was up 0.44 per cent at 79,379.34 levels.

First Published: Jul 01 2024 | 12:04 PM IST

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