IREDA soars 5% after Rs 390-crore worth of shares change hands

Shares of Indian Renewable Energy Development Agency (IREDA) recovered early losses and were locked in a 5 percent upper circuit at Rs 170.25 following a large deal in the counter on February 14.

Around 2 crore shares of IREDA, representing a 0.9 percent stake in the company, changed hands in a deal worth Rs 389.80 crore. The transaction was done at a floor price of Rs 160 apiece, reflecting a little over a percent discount to the previous close.

Moneycontrol could not immediately identify the buyers or the sellers involved in the transaction.

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The stock has slumped around 15 percent in the past week as investors rushed to book profits after the scrip was included in the MSCI Small Cap index. Year-to-date, the stock is still up up more than 65 percent.

The inclusion of the stock in the MSCI index after its February review is expected to attract foreign inflows worth $17 million in the counter.

IREDA was also the most successful listing of 2023. Since making its debut in November, the stock has scaled greater highs and quadrupled investor returns from the issue price of Rs 32. The stock has also positioned itself as a standout PSU counter amid the bullish momentum for the sector.

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