The shares of Indian Renewable Energy Development Agency Ltd (IREDA) jumped nearly 6% in early trading on January 1, 2025, following the release of its robust business updates for the December quarter. The stock reached a high of ₹227.70, reflecting a 5.83% gain compared to its previous close of ₹215.15 on the Bombay Stock Exchange (BSE).
Highlights of IREDA’s Stock Performance
- Intraday High: ₹227.70
- Previous Close: ₹215.15
- Market Capitalization: ₹59,990 crore
- Turnover: ₹11.23 crore
- Shares Traded: 5.09 lakh on the BSE
The stock’s Relative Strength Index (RSI) stands at 55.7, indicating a neutral zone where the stock is neither overbought nor oversold.
Financial Milestones in Q3 FY24
IREDA delivered impressive growth metrics in the December quarter, showcasing its strength as a leader in renewable energy financing:
- Loan Sanctions: ₹31,087 crore, up 129% YoY from ₹13,558 crore in Q3 FY23.
- Disbursements: ₹17,236 crore, marking a 41% increase from ₹12,220 crore last year.
- Loan Book Outstanding: ₹69,000 crore, a 36% rise from ₹50,580 crore in December 2023.
These figures reflect the company’s commitment to driving renewable energy growth and supporting India’s sustainability goals.
Stock Trends: A Year in Review
- All-Time High: ₹310 (July 15, 2024)
- 52-Week Low: ₹100.40 (March 1, 2024)
The stock has shown strong recovery from its yearly low, driven by consistent growth in financial performance and rising investor confidence in the renewable energy sector.
About IREDA
Established over 36 years ago, IREDA is a Mini Ratna (Category – I) government enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE). The agency has been pivotal in promoting, developing, and financing projects in:
- Renewable Energy
- Energy Efficiency
- Energy Conservation
IREDA’s significant contributions to India’s renewable energy targets make it a cornerstone of the nation’s green energy transition.
Technical Analysis
IREDA’s RSI of 55.7 places the stock in a stable position, with neither overbuying nor overselling pressure. Investors can watch for additional signals from upcoming market trends and financial updates to gauge further movement.
Investment Outlook
IREDA’s stellar financial performance in the December quarter underscores its growth potential. With India’s renewable energy push gaining momentum, the company is well-positioned for long-term growth. However, investors should carefully consider market volatility and seek professional advice before making decisions.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Please consult a qualified financial advisor before making any investment decisions.
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