Mumbai4 days ago
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Shares of Indian Renewable Energy Development Agency (IREDA) have gained nearly 10% today. The company will raise funds up to Rs 4,500 crore through qualified institutional placement (QIP), rights issue or any other means. The shares have gained momentum after this news.
IREDA said that a board meeting will be held on Thursday, August 29 to approve the proposal in this regard. IREDA’s stock rose more than 10% to Rs 265.70 on the National Stock Exchange (NSE). However, after trading for the day, the stock closed at Rs 258.95 with a gain of 8.37%. It has doubled in 6 months.
IREDA went public in November, shares were sold at a price of Rs 32
IREDA went public in November last year and sold shares in its IPO at a price of Rs 32 per share. The stock was listed at a premium of 56.25% over the issue price. In July, the stock reached an all-time high of Rs 310.
IREDA’s investors increased after getting ‘Navratna’ status
Investors’ interest in IREDA’s shares has increased further after it received the ‘Navratna’ status. Apart from this, the company’s shares have seen this growth due to the government’s increasing focus on the renewable energy sector. IREDA is a major player in the renewable energy sector.
Company’s net profit increased by 30%, profit reached Rs 383.69 crore
IREDA had recently released the results of the June quarter. The company had registered a 30% year-on-year increase in its net profit in this quarter. The company’s net profit was Rs 383.69 crore. IREDA’s net profit in the same quarter a year ago was Rs 294.58 crore.
At the same time, revenue from operations grew by 32% to Rs 1,502 crore in the April-June quarter. Revenue stood at Rs 294.58 crore in the same quarter a year ago. The asset quality of NBFCs also improved.