Navratna PSU stock clocks best surge in nearly a week; here are the latest triggers

In Monday’s trade (July 1), shares of the Indian Renewable Energy Development Agency climbed over 6 per cent to day’s high price of Rs 202, logging its best day in nearly a week after the company's quarterly business update. The Navratna PSU logged a surge of 7.8 per cent intra-day on June 26, 2024

As per the filing with the exchanges, the PSU’s loan sanctions during the April-June quarter of FY25 has been recorded at Rs 9,136 crore, while loan disbursements had been at Rs 5,320 crore.

The company has recorded Loan Sanctions at Rs. 9136 Crore and Loan Disbursements at Rs. 5,320 Crore during the 1st Quarter ended June 30, 2024, a significant growth of 382.62 per cent  and 67.61 per cent respectively over the corresponding quarter of FY 2023-24, said the company’s filing.

In the June quarter of the previous FY, the company’s loan sanctions and disbursements have been at Rs 1,893 crore and Rs 3,174 crore, respectively.

Furthermore, the company’s outstanding loan book as of the June-ended quarter stands at Rs 63,150 crore, a record growth of 33.77%. Its loan book during the corresponding quarter last year has been at Rs 47,207 crore.

Also, as per media reports, the company is likely to come up with a FPO or follow-on public offer to raise capital, subject to the centre’s consent.

Gains in IREDA’s stock price since listing on November 29

The company’s stock debuted on the bourses on November 29 and in comparison to the IPO issue price of Rs 32, the stock has climbed 531.25 per cent.

About IREDA

Indian Renewable Energy Development Agency is a systemically important non-deposit taking non-banking financial (NBFC-ND-SI) company. The company is engaged in promoting, developing and extending financial assistance for new and renewable energy (RE) projects, and energy efficiency and conservation projects.