Discover why IREDA’s shares soared and what’s fueling this massive surge. The details will surprise you!
IREDA’s shares surged nearly 9% after the board announced plans to raise Rs 4,500 crore through multiple funding options.
Since its November 2023 IPO, IREDA’s stock has skyrocketed by 700%, reflecting strong market confidence and investor interest.
IREDA reported a 30% rise in net profit to Rs 384 crore and a 32% increase in revenue to Rs 1,502 crore in Q1 FY24.
IREDA’s loan book expanded by 34% to Rs 63,207 crore in Q1 FY24, with loans sanctioned soaring by 387% year-over-year.
IREDA’s net non-performing assets (NPAs) fell to 0.95% in Q1 FY24, marking a 41% improvement from the previous year.
IREDA’s RSI at 47 indicates a balanced market position, with the stock trading above all key moving averages.