IREDA Shares Surge Nearly 20%, Hits ₹85 Mark on NSE

IREDA Shares Surge Nearly 20%, Hits ₹85 Mark on NSE

IREDA Shares Surge Nearly 20%, Hits ₹85 Mark on NSE

Indian Renewable Energy Development Agency (IREDA) witnessed an extraordinary 19.97% surge in its stock price during Monday’s trading session on the NSE, reaching ₹85 per share. The substantial increase was backed by robust trading volumes and exclusive buyer interest. Impressively, within the last two trading days, IREDA shares surged by an outstanding 32%.

Today, the stock experienced remarkable trading activity, accumulating a total turnover of 210.51 million equity shares.

Buy orders for 18.31 million equity shares are still outstanding on both the NSE and BSE. Since its market debut on November 29 at ₹32 per share, IREDA’s stock price has soared by an impressive 166%.

IREDA marked a significant entry into the capital market, becoming the first public sector company to do so in over a year, following the debut issue of Life Insurance Corporation of India in May 2022.

Its asset portfolio is primarily dominated by solar energy (30%), followed by wind power (20.9%), state utilities (19.2%), and hydropower (11.5%). As India’s exclusive non-banking financial company (NBFC) dedicated solely to renewable energy (RE), IREDA holds a distinctive position in the market.

It stands as the country’s largest pure-play green financing NBFC, well-positioned to benefit from the considerable expansion in the renewable energy sector.

IREDA’s recent announcement of establishing its retail division aims to bolster its focus on extending loans to beneficiaries in various sectors, particularly in the PM-KUSUM scheme and Rooftop Solar projects, catering to Business-to-Consumer (B2C) needs.

Analysts suggest a long-term investment approach in IREDA, emphasizing the government’s initiatives to support the renewable energy sector.

While the stock has limited charting history due to its recent listing, some investors express optimism that it could hit the ₹100 mark shortly.

Nirmal Bang recommends IREDA’s sustained growth potential through diversification and expansion into emerging green technologies like green hydrogen, pumped hydro storage power plants, battery storage, and green energy corridors.

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