Navratna PSU Stock Sees Best Surge in Nearly a Week; Here Are the Latest Triggers

On Monday, July 1, shares of the Indian Renewable Energy Development Agency (IREDA) jumped over 6% to reach a high of Rs 202. This marked the company’s best trading day in almost a week, following a positive quarterly business update. Previously, on June 26, 2024, the stock had surged by 7.8% during intra-day trading.

According to a filing with the stock exchanges, IREDA reported loan sanctions of Rs 9,136 crore and loan disbursements of Rs 5,320 crore for the April-June quarter of the fiscal year 2025. This represents a significant increase of 382.62% in loan sanctions and 67.61% in loan disbursements compared to the same quarter in the previous fiscal year.

In the same quarter last year, the company had loan sanctions of Rs 1,893 crore and disbursements of Rs 3,174 crore. Additionally, IREDA’s outstanding loan book as of the end of June 2024 stands at Rs 63,150 crore, showing a growth of 33.77% from Rs 47,207 crore in the corresponding quarter of the previous year.

Media reports also suggest that IREDA might launch a follow-on public offer (FPO) to raise additional capital, pending approval from the central government.

Since its stock market debut on November 29, IREDA’s share price has risen by 531.25% from its initial public offering (IPO) price of Rs 32.

About IREDA

The Indian Renewable Energy Development Agency is a significant non-deposit taking non-banking financial company (NBFC-ND-SI). It focuses on promoting, developing, and providing financial support for new and renewable energy projects, as well as energy efficiency and conservation initiatives.