IREDA stock hits upper circuit following strong Q4 business update

For the quarter ended March 31, IREDA sanctioned loans worth Rs 23,796 crore.

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The stock of Indian Renewable Energy Development Agency (IREDA) zoomed 5 percent to hit its upper circuit in trade on April 2 following healthy quarterly business updates.

IREDA recorded the highest number of loans sanctioned, coming in at Rs 37,354 crore for the financial year ended March 31, 2024. This was up 14.63 percent from Rs 32,587 crore last year.

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At 10.45am, the IREDA stock was quoting Rs 149.75 on the NSE, higher by 5 percent from the previous session’s closing price.

For the quarter ended March 31, IREDA sanctioned loans of Rs 23,796 crore, clocking an on-year growth of 101.7 percent from Rs 11,797 crore from the same quarter a year back.

Loan disbursements for the quarter stood at Rs 12,869 crore, up around 14 percent from Rs 11,291 crore from Q4FY23.

On March 28, the IREDA board of directors approved a proposal of Rs 24,200 crore borrowing for 2024-25. It included raising through bonds, perpetual debt instruments (PDI), term loans, commercial papers, and external commercial borrowings (ECB), a regulatory filing said.

On March 20, the NSE revoked the inclusion of IREDA in several key indices due to the firm’s non-compliance with the Sebi portfolio concentration norms.

“As IREDA breached one of the requirements of Sebi Portfolio Concentration Norms for Equity Exchange Traded Funds (ETFs) and Index Funds related to impact cost, the committee has decided to revoke its earlier decision to include IREDA announced on February 28, 2024,” said the NSE in a press release.

IREDA shares have jumped 150 percent over the past six months, outperforming the benchmark Nifty 50 index that recorded gains of around 15 percent during the same time period.

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