Ireda Surges To Record High On Strong Q1 Performance
Shares of Indian Renewable Energy Development Agency Ltd. surged nearly 4% to an all-time high on Monday after it posted a strong business performance in the first quarter of financial year 2024-25.
The non-banking financial institution's loan sanctioned surged nearly fivefold to Rs 9,136 crore, according to an exchange filing.
It recorded loan disbursements of Rs 5,320 crore in the June quarter, a growth of 68%. The loan book now stands at Rs 63,150 crore, representing a 34% growth, it said.
Ireda's stock rose as much as 3.98% during the day to Rs 201.82 apiece on the NSE. It was trading 3.07% higher at Rs 196.39 apiece, compared to a 0.43% advance in the benchmark Nifty as of 12:05 p.m.
The share price has risen 227.23% in the last 12 months and 90.93% on a year-to-date basis. The total traded volume so far in the day stood at 1.3 times its 30-day average. The relative strength index was at 61.44.
An analyst tracking the company has a 'buy' rating on the stock and another suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 44%.
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