IREDA Shares Hit Upper Circuit On Debut, Rise 87.5% Over IPO Price
Shares of Indian Renewable Energy Development Agency Ltd. closed at a premium of 87.5% over the issue price after registering a stellar market debut on Wednesday.
The shares ended at Rs 60 apiece on NSE, while the issue price was set at Rs 32 per share.
The stock hit an upper circuit of 20% at Rs 60 apiece, as compared to a 0.79% advance in the NSE Nifty 50 as of 1:44 p.m.
IREDA shares opened at Rs 50 apiece on both exchanges, marking a premium of 56.25% to its IPO price, suggesting strong demand for the first government-owned company going public in 18 months since Life Insurance Corp.
The Rs 2,150 crore IPO was subscribed 38.80 times on its third and final day. The bids were led by institutional investors (104.57 times), non-institutional investors (24.16 times), portion reserved for employees (9.8 times), and retail investors (7.73 times).
The government is considering granting Indian Renewable Energy Development Agency Ltd. the 'Navratna' status, according to Chairman Pradip Kumar Das.
The state-run non-banking financial services company was upgraded to 'Schedule A' category public sector enterprise from 'Schedule B' in September.
Business
Incorporated in 1987, IREDA is a Mini Ratna (category I) and a non-banking financial institution that promotes, develops and extends financial assistance for new and renewable projects. It operates in four key sectors: solar, wind, hydro, biomass, biofuels and cogeneration.
Financials
As of September 2023, the total term loans outstanding stood at Rs 47,514.48 crore. The term loan outstanding compounded annual growth rate between FY21 and FY23 stands at 30%.
The company has sanctioned loans worth Rs 4,744.5 crore for the six months ended in September 2023, and the loans sanctioned in FY23 stood at Rs 32,586.6 crore. Loans disbursed as of FY23 and six months ended September 2023 stand at Rs 216,39.2 crore and Rs 6,273.3 crore, respectively.
The net interest margin and net NPA as of March 2023 stood at 3.32% and 1.66%, respectively
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
