IREDA shares surge nearly 6% after sanctioned loans amount jumped nearly 5 times
Indian Renewable Energy Development Agency (IREDA) rose 6% to the day’s high of Rs 202 on the BSE after the company reported significant growth of 382.62% and 67.61% on a year-on-year (YoY) basis in its sanctioned loans and loan disbursements, respectively.
For the first quarter of FY25, the company recorded loan sanctions of Rs 9,136 crore, compared to Rs 1,893 crore in the corresponding quarter of the previous year. Meanwhile, loan disbursements for the quarter amounted to Rs 5,320 crore.
Additionally, IREDA reported an outstanding loan book of Rs 63,150 crore as of the end of the period.
Recently, the company also successfully raised bonds worth Rs 1,500 crore, which were oversubscribed by 2.65 times. This included a base issue of Rs 500 crore and a green shoe option of Rs 1,000 crore.
IREDA's IPO was launched in November 2023 with a price band of Rs 30-32 per share and a lot size of 460 shares. However, the stock debuted on the exchanges at Rs 50, marking a premium of 56.25%.
IREDA was granted 'Navratna' status by the Department of Public Enterprises. The government grants Navratna status to premier PSUs, empowering them to execute significant investments of up to Rs 1,000 crore without requiring central authority approval.
The shares of IREDA have nearly doubled in value since its listing, gaining 93%, while in the last three months alone, the stock has gone up by 55%.
Currently, the stock is also well placed on the charts, sustaining above all its significant exponential moving averages. It is
