Shares of Indian Renewable Energy Development Agency Ltd. extended its rally on Friday as it surged over 7% to hit an all-time high for the second consecutive session.
In the quarter ended June 30, foreign portfolio investors' stake in the non-banking financial institution increased to 2.7%, according to the data of its shareholding pattern on the BSE. The company is also expected to announce results for the first quarter of the current financial year on Friday.
Ireda's loan sanctioned surged nearly fivefold to Rs 9,136 crore in the June quarter. It recorded loan disbursements of Rs 5,320 crore, a growth of 68%. The loan book now stands at Rs 63,150 crore, representing a 34% growth, according to an exchange filing.
Ireda's stock rose as much as 7.34% during the day to Rs 304.5 apiece on the NSE. It was trading 3.04% higher at Rs 292.3 per share, compared to a 0.94% advance in the benchmark Nifty as of 1:24 p.m.
The share price has surged 49.02% so far in July, 387.18% since listing in November 2023, and 184% on a year-to-date basis. The relative strength index was at 84.63, indicating the stock is overbought.
One out of the two analysts tracking the company has a 'buy' rating on the stock and the other recommends 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 62.5%.
Watch: Should You Go Long On Tata Steel & Ireda?
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