IREDA Stock Soars Following Strong Q3 Performance Update
IREDA rose as much as 5.76% to Rs 227 apiece. It has risen 112.71% in the last 12 months.
Shares of the Indian Renewable Energy Development Agency Ltd. surged over 5% on the back of a robust Q3 update, with the state-owned company reporting growth across key financial metrics.
For the December quarter, IREDA registered a 41% year-on-year growth in loan disbursements, reaching a total of Rs 17,236 crore, up from Rs 12,220 crore in the same period last year.
The company also posted a 129% YoY increase in loan sanctions, amounting to Rs 31,087 crore in Q3, compared to Rs 13,558 crore in the corresponding period of 2023.
As a result of this surge in activity, IREDA's outstanding loan book reached Rs 69,000 crore as of December 31, 2024, marking a 36% rise from the Rs 50,580 crore recorded a year ago.
The positive update has led to investor optimism, propelling IREDA’s stock price higher, and further solidifying its reputation as a key player in India's renewable energy financing landscape.
The scrip rose as much as 5.76% to Rs 227 apiece. It pared gains to trade 3.41% higher at Rs 222.60 apiece, as of 11:32 a.m. This compares to a 0.41% advance in the NSE Nifty 50 Index.
It has risen 112.71% in the last 12 months. Total traded volume so far in the day stood at 3.8 times its 30-day average. The relative strength index was at 75.24
Out of two analysts tracking the company, one maintains a 'buy' rating, and the other suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 25.8%
(With inputs from PTI)
