22 Mar 2024 , 03:24 PM
Shares of the state-owned Indian Renewable Energy Development Agency (IREDA) rose 5% to ₹138.6 on the BSE after the company announced intentions to borrow ₹24,200 Crore in fiscal year 2024-25.
The Indian Renewable Energy Development Agency Limited announced in an exchange filing after-market hours on Thursday, “a board meeting is scheduled for Thursday, March 28, 2024. The meeting will address various matters, including the consideration of a borrowing program amounting to ₹24,200 Crore for the fiscal year 2024-25. This borrowing program encompasses fundraising activities such as issuing bonds, obtaining term loans, and issuing Commercial Paper from both domestic and international markets.”
IREDA is a multi-bagger company, gaining 177% since its IPO at a listing price of ₹50 per share. Meanwhile, the stock has increased 333% from its issue price of ₹32 a share. Despite these tremendous increases, the stock is now trading 35.5% behind its all-time high of ₹215, set on February 6, 2024. The stock went public on November 29, 2023.
Following Friday’s surge, IREDA’s market capitalization reached ₹37,265 Crore.
In the third quarter of fiscal year 24, IREDA’s net profit increased by 67.15% year on year to ₹335.54 Crore. In the previous year, the firm made ₹200.75 Crore in profits.
Its operating income increased by about 44.22% year on year to ₹1,252.85 Crore in the quarter ended December, up from ₹868.67 Crore in Q3FY23.
At around 3.11 PM, IREDA was trading 5% higher at ₹138.65, against the previous close of ₹132.05 on NSE. The counter touched an intraday high and low of ₹138.65 and ₹132.20, respectively.
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