IREDA Share Price Performance Since Listing

IREDA or the Indian Renewable Energy Development Agency is on investors’ radar nowadays due to the increased fluctuation in the stock price. As of October 30, 2024, IREDA’s share price opened at ₹205.80 and touched the day high of ₹210.70, reflecting a gain of ~1.85% at 12:00 PM. As of the above-mentioned date, IREDA’s share price recorded a fall of ~29% from its all-time high of ₹310. Since listing at a price of ₹50 on November 23, 2024, IREDA shares delivered a return of ~319.22% in the past 1 year. In addition, Year to date, or YTD return by IREDA stood at ~102.60%

Probable Reason For Fluctuation in IREDA Share Price

The increased volatility in IREDA’s share can be attributed to several factors, which include

• Deteriorated Market Sentiment: The investors have showcased a cautious market sentiment towards PSUs, which led to sell-offs across various sectors.
• Profit Taking: Many investors are considering profit booking after an impressive rally earlier this year, which as a result contributed to downward pressure on the stock.

IREDA Shares Financial Performance

The leading renewable energy PSU has recently released its results for the quarter ended September 30, 2024 (Q2 FY25). IREDA posted a net profit of ₹387.75 crore for Q2 FY25, up 36.18% over ₹284.73 crore in the year-ago period. During the quarter, revenue from operations came at ₹1,629.55 crore, a rise of 38.49% against ₹l,176.63 crore reported in Q2 FY24.

Recently, IREDA’s board of directors granted in-principle approval to raise up to ₹4,500 crore in equity capital through various methods, including a Further Public Offer (FPO), Qualified Institutional Placement (QIP), Rights Issue, Preferential Issue, or other approved avenues. IREDA shares have recently been among the best performers on the stock exchanges.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.