IREDA share price jumps 17%, surges 26% in five sessions. Here's why
IREDA stock has gained nearly 25.12 per cent in the last five trading session on the National Stock Exchange (NSE).
The share price of Indian Renewable Energy Development Agency (IREDA) rallied over 17 per cent today (July 12). The stock hit fresh-record high ahead of its June quarter earnings announcement after it went intraday high to ₹288 on July 11. This has led to a surge in the market capitalisation of IREDA to ₹75,000 crore. The stock has gained nearly 25.12 per cent in the last five trading session on the National Stock Exchange (NSE).
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This comes as IREDA released its shareholding pattern for the June quarter which showed that foreign portfolio investors have doubled their stake in the PSU. As of June 30, foreign portfolio investors held a 2.7 per cent stake in IREDA. This is up 1.36 per cent in the March quarter.
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Additionally, the renewable energy PSU said that the number of small shareholders has increased during the April-June period with the total number of shareholders with an authorized share capital of less than ₹2 lakh rising to 22.15 lakh. Thi is up from 21.23 lakh in the March quarter.
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Pradip Kumar Das, Chairman & Managing Director of IREDA said, “We are happy with the overwhelming response to our bond issuance. The oversubscription by 2.65 times underscores the trust and confidence that investors have in IREDA’s vision and its crucial role in driving the renewable energy growth in the country. This successful capital raising will enable us to further strengthen our efforts in financing green energy projects, contributing to India’s goal of achieving 500 GW non-fossil fuel installed capacity target by 2030."
