IREDA shares rise 6%, cross Rs 200 mark in early deals; check details

Shares of Indian Renewable Energy Development Agency (IREDA) rose 6% 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.

Loan disbursements in the last quarter climbed up 67.61 per cent to Rs 5,320 crore against Rs 3,174 crore in the June 2023 qurter. The firm’s outstanding loan book stood at Rs 63,150 crore in Q1 of this fiscal, up 33.77 per cent over the year-ago's Rs 47,207 crore.

Last week, IREDA raised Rs 1500 crore via bonds. The bond issue consisted of a base issue of Rs 500 crore and a green shoe option of Rs 1,000 crore, subscribed 2.65 times. The funds were raised at an annual interest rate of 7.44% for a tenure of 10 years and two months, IREDA said.

The stock rose 6% 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.

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). IREDA 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.