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Shares of IREDA surge on launching retail division; details inside

11 December 20233 mins read by Angel One
IREDA's retail division sanctioned its first loan of Rs 58 crore under KUSUM-B, showcasing its commitment to becoming the preferred lender in new renewable energy sectors.
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About New Launch 

Indian Renewable Energy Development Agency (IREDA) has launched its retail division, which became operational on December 5. This strategic initiative is geared towards enhancing emphasis on providing loans to borrowers in the PM-KUSUM scheme, Rooftop Solar, and other Business-to-Consumer (B2C) sectors.

Shortly after opening, IREDA’s Retail division quickly sanctioned its first loan amounting to Rs 58 crore under KUSUM-B, underscoring IREDA’s dedication to emerging as the preferred lender in new segments, mirroring its success in other renewable energy sectors.

Share Price Movement 

IREDA is currently trading at its upper limit of Rs 85.02, up by 14.17 points or 20% from its previous closing of Rs 70.85 on the BSE. The scrip opened at Rs 74.64 and touched a high and low of Rs 85.02 and Rs 73.42, respectively. So far 21,42,6443 shares have been traded on the counter.

The BSE group ‘B’ stock of face value of Rs 10 has touched a 52-week high of Rs 85.02 and a 52-week low of Rs 49.99. Last one week high and low of the scrip stood at Rs 85.02 and Rs 61.51, respectively. The current market cap of the company is Rs 22,851.38 crore.

About IREDA 

The Indian Renewable Energy Development Agency (IREDA) is a government-owned enterprise under the Ministry of New and Renewable Energy (MNRE). Established in 1987, it is a Non-Banking Financial Institution under the Ministry’s administrative control. Notified as a ‘Public Financial Institution’ under Section 4A of the Companies Act, 1956, IREDA is registered with the Reserve Bank of India as a Systemically Important Non-Deposit-taking Non-Banking Finance Company with Infrastructure Finance Company (IFC) status. In September 2023, it was upgraded from Schedule B to Schedule A in the list of CPSEs by the Department of Public Enterprises (DPE). In June 2015, it was conferred Mini Ratna status.

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.

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