IREDA's stock surges over 6% on pact with SJVN, GMR Energy

Shares of Indian Renewable Energy Dev Agency (IREDA) surged 6.5 per cent today in the early session as the company announced the deal with SJVN and GMR Energy Ltd for a 900 MW Upper Karnali hydro-electric project in Nepal on Monday after market hours.

On September 10, 2024, the IREDA stock skyrocketed as much as 7.04 per cent by hitting Rs 238.89 from the previous close, according to the NSE website.

Through Nepal-based project agreement will enhance regional energy security through the development of renewable energy infrastructure.

Pradip Kumar Das, Chairman & Managing Director of IREDA, said that our investment in this important hydropower project underscores IREDA's ongoing commitment to advancing renewable energy initiatives.

"This collaboration not only accelerates the development of Nepal's hydropower sector but also strengthens regional energy cooperation, supporting our shared goal of sustainable growth," Das said.

The project holds strategic importance for IREDA, as it will help harness Nepal's vast hydropower potential while reinforcing IREDA's dedication to renewable energy development.

IREDA Stock: Past performance

As of September 10, 2024, the renewable energy company's stock has gained 272 per cent since its listing on November 29, 2023, on the bourses (NSE and BSE), by outperforming the Nifty 50 index. In the same period, the Nifty 50 index increased by 24.08 per cent.

SJVN stock up over 4%

In the meantime, the stock of SJVN company also increased as much as 4.33 per cent and has given returns of almost 70 per cent in the last one year.