Indian Renewable Energy Development Agency Limited (IREDA) shares surge in trading: On Monday, IREDA shares increased by as much as 6.06 percent, reaching an intraday high of Rs 202 per share. Following the release of the company's robust June quarter (Q1FY25) business report, the stock price increased.
IREDA stated in an exchange filing: "We are happy to notify you that during the first quarter ended June 30, 2024, IREDA recorded loan sanctions at Rs 9136 crore and loan disbursements at Rs 5,320 crore, a significant growth of 382.62 per cent and 67.61 per cent, respectively, over corresponding quarter of FY 2023-24." At Rs 63,150 crore, the loan book has grown by a record 33.77 percent.
Development Agency for Renewable Energy in India, Ltd.
The company's loan sanctioned in Q1FY25 increased 382.62% year over year (Y-o-Y) to Rs 9,136 crore, from Rs 1,893 crore in the same quarter last year (Q1FY24).
Loan disbursements increased dramatically over that time, from Rs 3,174 crore in Q1FY24 to Rs 5,320 crore, a 67.61 percent increase. In addition, the loan book increased from Rs 47,207 crore in Q1FY24 to Rs 63,150 crore in Q1FY25, a YoY increase of 33.77 percent.
IREDA is a 1987-founded public sector organization. The Ministry of New and Renewable Energy (MNRE) is in charge of its administration, and the Government of India owns the business.
IREDA achieved a significant milestone in its history in November when it carried out an Initial Public Offering (IPO) and became listed on the NSE and BSE. At a premium of 56.25 percent over the IPO issue price of Rs 32, IREDA stock became public on the BSE at Rs 50.
The main goal of IREDA is to encourage and assist in the development of initiatives pertaining to energy efficiency and renewable energy sources.
It performs a vital role in offering financial support and other necessary services to support the expansion of green power capacity as a Non-Banking Financial Institution (NBFC) and a Mini Ratna (Category I) firm. In order to promote sustainable development, IREDA also provides funding for the construction of solar manufacturing facilities and promotes the use of renewable energy sources. Shares of IREDA were up 3.20 percent at Rs 196.55 at 11:58 AM. In contrast, the BSE Sensex saw a 0.44 percent increase to 79,379.34 points.
