IREDA’s loan sanctions rise 382% to Rs 9,136 crore, stock jumps 6%

IREDA’s loan growth: The shares of the Indian Renewable Energy Development Agency (IREDA) surged as much as 6 per cent on the first trading session of the month after the company reported a staggering rise in the total loan sanctions and disbursements in the last quarter. 

The shares of the company reached Rs 202 apiece by rising as much as 6.06 per cent and currently hovers near Rs 195.35, up by 4.90 points or 2.57 per cent as of 02:36 am. The rise in the stock price led the market capitalisation of the company to reach Rs 52,895 crore. 

IREDA provides financial assistance and other services to projects related to renewable sources of energy and conservation and in the quarter ended June 30, the company reported that its loan sanctions stood at Rs 9,136 crore and loan disbursements at Rs 5,320 crore, a steep growth of 382.62 per cent and 67.61  per cent respectively over the corresponding quarter of FY 2023-24. 

The loan book of the company stands at Rs. 63,150 crore, a growth of 33.77 per cent.

The stock of the company rose to its all-time high on February 6, 2024, reaching Rs 215. The stock hit its 52-week low of Rs 49.00 on November 29, 2023, after listing at a premium of 56.25 per cent on the IPO issue price of Rs 32. IREDA is a Mini Ratna (Category - I) government enterprise, administratively controlled by the Ministry of New and Renewable Energy (MNRE).