IREDA: IREDA Share rises 10% as it announced to raise ₹4500 crore

Introduction: On Thursday morning the stocks of Indian Renewable Energy Development Agency commonly referred to as IREDA increased its stock prices by 10 percent. After the company came out with its proposal to mobilise ₹4500 crore through various channels involving a Follow-on Public Offering (FPO). In this article, you will find out detailed information about IREDA's financial development, stock performance, and the prospect.

IREDA's Stock Performance:

CSE - IREDA share touched the intra-day high of ₹265. That was up from 70 on the National Stock Exchange (NSE) as of Thursday morning, a more than 10 percent increase. Before this at 01:01 PM the stock was at Rs.262. 15, up by 9. 59%. The company was listed in the stock market on 29th of November 2023 at issue price of ₹32 since then it has risen an phenomenal 700%. IREDA currently possess a market capitalization of ₹70,285 crore and therefore, remains a major player in the renewable energy industry.

Financial Highlights:

The actual net profit of the IREDA for the quarter ending on June 30, 2024 is at ₹384 crore which is an increase by ₹100 crore or 30.27% from ₹295cr for the corresponding quarter of the previous year. Operating income also increased by a good 32% ₹1502 crore as against ₹1144 crore in the previous year's quarter. Furthermore, IREDA has disbursed ₹ 9210 crore through loans which was 387% more than the last quarter of ₹ 5326 crore.

Future Plans and Fundraising:

The company's board is expected to raise ₹4500 crore through one or more tranches either through FPO or through other mechanisms including QIP, Rights Issue or Preferential Issue. The last is planned to be taken in the session in the Conference on August 29.

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Conclusion:

IREDA has recorded decent financial portfolio, rapid capital disclosure and increased fundraising plan increased its stock prices. This new development makes the investors and stakeholders focus on the next steps of the company which develops and strengthens its presence on the renewable energy market.

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Meta Description: Find out the scenario by which the stocks of IREDA has recently spiked up, due to the announced intention of the company to float an FPO of ₹4500 crore and employing other financing techniques. Read more about financial information, financial features and future outlook.(alert-success)