Shares of Indian Renewable Energy Development Agency Ltd. were trading higher during early trade on Thursday, ahead of the release of the first-quarter financial results.
Earlier this month, the company issued its quarterly business update that showed a 29% rise in its loan book during the April-June period.
Sanctioned loans amounted to Rs 11,740 crore, compared to Rs 9,136 crore in the same period last year. Loan disbursements increased 31% year-on-year to Rs 6,981 crore.
Ireda's outstanding loan book stood at Rs 79,960 crore, reflecting a 27% rise from the year-ago period.
Last month, the company raised Rs 2,005 crore from qualified institutional buyers like Life Insurance Corporation of India, Societe Generale, Morgan Stanley and Vikasa India EIF I Fund.
Notably, the company has not given any dividend since listing in November 2023.
Ireda Share Price Movement
Shares of Ireda traded 1.7% higher at Rs 168.7 apiece on the NSE at 9:30 a.m., compared to a 0.1% decline in the benchmark Nifty 50.
On the technical chart, the scrip has gone above the 100-day Daily Moving Average of Rs 165.47. The relative strength index is at 49. Over 88 lakh shares have changed hands so far, valued at Rs 146 crore.
The stock has fallen 33% in the last 12 months and 21% on a year-to-date basis. The 52-week high was Rs 310, and the 52-week low is Rs 137.
The share price of Ireda has risen 180% since it went public in November 2023.
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