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IREDA Share Price Rose Over 3% Intraday After Releasing Business Update

Updated on: Jan 1, 2025, 3:34 PM IST
During Q3 FY25, IREDA sanctioned loans amounting to ₹31,087 crore, marking a significant growth of 129% compared to the same quarter last year.
IREDA Share Price Rose Over 3% Intraday After Releasing Business Update
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On December 31, 2024, Indian Renewable Energy Development Agency (IREDA) Ltd. released its business performance for the October-December quarter through an exchange filing.

Growth in Loan Sanctions During Q3 FY25

During the October-December quarter, IREDA sanctioned loans amounting to ₹31,087 crore, marking a significant growth of 129% compared to the same quarter last year. In the corresponding quarter of the previous year, the state-run renewable energy financier had sanctioned loans worth ₹13,558 crore. Disbursements during the December quarter also saw a notable increase, growing by 41% year-on-year to ₹17,236 crore, compared to ₹12,220 crore in the previous year’s quarter.

As of the end of the December quarter, IREDA’s outstanding loan book stood at ₹69,000 crore, reflecting a 36% increase from ₹50,580 crore at the same time in 2023.

Approval for Subsidiary and Retail Business

In October 2024, IREDA received approval from the Department of Disinvestment and Public Asset Management (DIPAM) to establish a wholly-owned subsidiary. This subsidiary will manage IREDA’s retail business, which includes initiatives like PM KUSUM, rooftop solar, and other consumer-focused segments in renewable energy, such as electric vehicles, energy storage, green technologies, and energy efficiency.

IREDA’s board has also approved plans to raise ₹4,500 crore through a Qualified Institutional Placement (QIP). However, no timeline for the fundraising has been provided.

IREDA completed its first full year of listing in November 2024. As of December 31, 2024, the company’s stock has appreciated 6 times its initial public offering (IPO) price of ₹32, although it has corrected 30% from its peak of ₹310. On January 1, 2025, IREDA share price opened at ₹217.45 and touched the day high of ₹227.70 at 09:50 AM.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in securities market are subject to market risks, read all the related documents carefully before investing.

Published on: Jan 1, 2025, 10:01 AM IST

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