In Q1 Updates IREDA Shares Jump 6%, Surging 525% for Initial IPO Figure

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Earlier this year, on February 6, IREDA stock reached an all-time high of Rs 215. Currently, this multi-bagger PSU stock is trading at 525 percent above its IPO price. IREDA, a wholly-owned Central government enterprise, operates under the administrative control of the Ministry of New and Renewable Energy (MNRE).

On July 1, shares of the Indian Renewable Energy Development Agency (IREDA) surged over 6 percent in morning trading as the company reported a remarkable 382.62 percent year-on-year (YoY) increase in loan sanctions for the June 2024 quarter. Loan sanctions totalled Rs 9,136 crore, compared to Rs 1,893 crore a year earlier. Loan disbursements also saw a significant rise of 67.61 percent YoY, reaching Rs 5,320 crore from Rs 3,174 crore in the June 2023 quarter. The outstanding loan book grew to Rs 63,150 crore in Q1FY25, up 33.77 percent from Rs 47,207 crore a year ago.

At 10:04 am, IREDA stock was trading over 3 percent higher at Rs 197.48 on the National Stock Exchange (NSE). So far this year, the stock has surged 88 percent, significantly outperforming Nifty’s 10 percent return.

IREDA is likely to raise equity capital through a Follow-on Public Offer (FPO), pending government consent. According to the company’s management, the FPO is expected to take place between November this year and February next year, as the company needs another equity infusion.

IREDA’s IPO was launched in November last year, with equity shares issued at Rs 32 apiece in the primary market. The stock had a stellar debut, listing at a 56.25 percent premium over the IPO issue price. The PSU stock reached its all-time high of Rs 215 on February 6. Currently, the stock is trading 525 percent above the issue price. IREDA is a Mini Ratna (Category – I) government enterprise under the administrative control of the MNRE.

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