The shares of the mini-Ratna firm, Indian Renewable Energy Development Agency (IREDA) on Thursday (August 22) rallied nearly 10 per cent after the company announced its board meeting scheduled for August 29, 2024.
IREDA stocks opened at 246.00 apiece on Thursday. At 10:25 am IST, the shares of the company were trading at Rs 255.1 per share on NSE, up by 6.6 per cent.
As of 12:31 pm IST, the stocks were trading 10.13 per cent higher at Rs 263.10 apiece on NSE.
The stocks of the company, today, were, trading within a range of Rs 246.00 to Rs 265.70 apiece, as of now.
Share performance of IREDA |
As per the regulatory filing, the company on August 21 said that the IREDA’s board will consider raising up to Rs 4,500 crore through various modes, including Qualified Institutional Placement (QIP), rights issue, or other options.
Stock Market Performance
The shares of the company soared 144 per cent year to year; outperforming the Nifty 50's benchmark indices by a 14 per cent surge during the same period.
Under the Ministry of New and Renewable Energy, the company was listed with a premium of over 56 per cent and since then has seen its share price multiply by 710 percent from the IPO price of Rs 32.
Over the past year, the share price has fluctuated between Rs 50.00 and Rs 310.00. The company has a market capitalisation of Rs 706.08 billion.
The average trading volume is 43.37 million shares. The stock currently has a price-to-earnings (P/E) ratio of 49.42.
Financial Highlights
In the financial quarter Q1FY25, the company reported a 30 per cent year-on-year (YoY) surge in net profit, reaching Rs 383.69 crore.
The revenue from operations increased by 32 percent YoY to Rs 1,502 crore.
Previous close - August 21
The previous closing price of IREDA shares was Rs 238.95 apiece.
