Indian Renewable Energy Development Agency (IREDA) stock surged 5% to hit its upper circuit on April 2, following positive quarterly business updates.
IREDA reported the highest number of sanctioned loans amounting to ₹37,354 Crore for the financial year ending March 31, 2024, marking a 14.63% increase from the previous year’s ₹32,587 Crore.
At the time of writing, IREDA stock was trading at ₹149.75 on the NSE, up by 4.98% from the previous session’s closing price.
In the quarter ending March 31, IREDA sanctioned loans worth ₹23,796 Crore, showing a remarkable year-on-year growth of 101.7% from ₹11,797 Crore in the same quarter last year.
Loan disbursements for the quarter reached ₹12,869 Crore, a rise of about 14% from ₹11,291 Crore in Q4FY23.
On March 28, the IREDA board approved a proposal for ₹24,200 Crore borrowing for 2024-25, including raising funds through various instruments like bonds, perpetual debt instruments (PDI), term loans, commercial papers, and external commercial borrowings (ECB).
However, on March 20, the NSE removed IREDA from several key indices due to non-compliance with Sebi portfolio concentration norms, particularly related to impact cost.
Despite this setback, IREDA shares have surged by 150% over the past six months, outperforming the benchmark Nifty 50 index, which recorded gains of around 15% during the same period.
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