Up 850% over IPO issue price; This PSU Navratna hits new high for second straight-day

IREDA share price: Shares of the Navratna PSU IREDA climbed to a fresh high of Rs 303.85 in Friday’s trade (July 12), gaining over 7 per cent, ahead of the company’s Q1 results due later today. The stock extended its previous day’s gains when it marked its fresh high of Rs 289.45 per share on the BSE.

The recent spurt in the stock price of the non-deposit taking NBFC is attributed to increased FII interest. In the June-ended quarter, as per the shareholding data available on the exchanges, the FPI ownership in the stock has increased to 2.7 per cent as against 1.36 per cent in the previous quarter.

In its Q1FY25 business update, the company said loan sanctions during April-June quarter of FY25 were recorded at Rs 9,136 crore, while loan disbursements had been at Rs 5,320 crore.

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

After the positive Q1 business update, analysts largely estimate the company to report healthy earnings.

850% return 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 850 per cent.

About IREDA

IREDA is engaged in promoting, developing and extending financial assistance for new and renewable energy (RE) projects, and energy efficiency and conservation projects. The Company provides a comprehensive range of financial products and related services, from project conceptualization to post-commissioning, for renewable energy projects and other value chain activities, such as equipment manufacturing and transmission.