IREDA stock races to ₹100. What’s next for the company?
internet boom and quit his high-paying job to launch Amazon. The internet was growing at the rate of 2,300% a year back then, so you can see what enticed Bezos to start what is now the world’s fifth-largest company. While we can’t all leave our jobs to follow a fast-growing trend, what we can do is invest in companies that drive such trends.
We track several important trends here at Equitymaster, and one of them is renewable energy. The renewable energy theme has picked up pace in India recently, and the country is quickly becoming a leader in embracing the transition. The government has set a target of 450 GW of renewable-energy capacity by 2030, and some top business houses are investing heavily in the sector.
IREDA, as you may know, is a hot favourite among stock investors these days. The company is a financial institution that promotes, develops, and financially supports renewable-energy projects, apart from energy-efficiency and conservation projects. You could see it as the company makes things happen in the sector by funding companies.
Ever since the company listed on the BSE and NSE, its shares have been in high demand. On Monday its share price spiked 20% to a new high of ₹85. It has extended its rally today and briefly crossed ₹100 in intraday trade.
Let’s find out why IREDA’s stock is rising. Last Friday, the company’s chairman and MD announced the launch of IREDA’s retail division, a significant step towards expanding its lending services. The retail division is mainly focused on providing loans to borrowers participating in the PM-KUSUM scheme, rooftop solar projects, and various business-to-consumer (B2C) sectors.
Read more on livemint.com
