Shares of the Indian Renewable Energy Development Agency (IREDA) rose 6 per cent in early deals today after the green energy firm said it clocked a 382.62 per cent year-on-year (YoY) loan sanctions in the June 2024 quarter to Rs 9,136 crore against Rs 1,893 crore in the June 2023 quarter.
The company’s loan disbursements also rose 67.61 per cent YoY to Rs 5,320 crore from Rs 3,174 crore in the June 2023 quarter. The firm’s outstanding loan book grew to Rs 63,150 crore in Q1FY25, up 33.77 per cent from Rs 47,207 crore a year ago.
IREDA is likely to raise equity capital through a Follow-on Public Offer (FPO), subject to the government’s consent, the company’s management told CNBC-TV18 in an interaction today.
The FPO is likely to take place between November this year and February next year as the company needs an equity infusion again.
IREDA IPO was launched in November last year. The company issued its equity shares at Rs 32 apiece in the primary market. The stock had a stellar debut as it listed at a premium of 56.25 per cent over the IPO issue price.
The stock rose 6 per cent to Rs 202 on BSE. Market cap of the firm climbed to Rs 52,895 crore. IREDA shares saw a turnover of Rs 28.45 crore as 14.30 lakh shares changed hands on BSE today. IREDA stock rose to its all-time high of Rs 215 on February 6, 2024. It fell to a 52 week low of Rs 49.99 on November 29, 2023. The stock listed at a premium of 56.25% over the IPO issue price of Rs 32 in the same session.
The multibagger stock listed at Rs 50 last year. Currently, the multibagger stock is trading 525 per cent above the issue price.
In terms of technicals, the relative strength index (RSI) of the stock stands at 57.4, signaling it’s trading neither in the overbought nor in the oversold zone.
IREDA shares stand higher than the 5 day, 10 day, 20 day, 30 day, 50 day and 100 day moving averages.
IREDA is a Mini Ratna (Category – I) government enterprise. It is administratively controlled by the Ministry of New and Renewable Energy (MNRE).
It has been actively promoting, developing, and extending financial assistance for new and renewable energy projects, as well as energy efficiency and conservation projects for over 36 years.
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