President of India’s portfolio gains Rs 47,091.65 crore from this multibagger stock from financial services sector; Scrip hit 52-week high & Results upcoming tomorrow
From its 52-week low of Rs 49.99 per share to today’s closing price of Rs 283.60 per share, the stock gave multibagger returns of 461.31 per cent.
Today, shares of Indian Renewable Energy Development Agency Ltd (IREDA) gained 17.26 per cent to an intraday high of Rs 289.45 while an intraday low was Rs 241.50 per share from its previous closing of Rs 246.85. The stock also made a fresh new 52-week high of Rs 289.45 while its 52-week low is Rs 49.99. At the closing bell, shares of the company were trading at Rs 283.60 per share, up 36.75 per share or 14.89 per cent with a spurt in volume by more than 1.01 times on BSE.
Recently, Indian Renewable Energy Development Agency Ltd. (IREDA) reported a strong performance for the first quarter of fiscal year 2 sanctioned a significant increase of 382.62 per cent in loan sanctions, reaching Rs 9,136 crore compared to the same period last year. Disbursements also witnessed a substantial rise of 67.61 per cent, reaching Rs 5,320 crore. The total loan book outstanding at the quarter's end stood at Rs. 63,150 crore, reflecting a growth of 33.77 per cent. IREDA attributes this robust performance to its strategic focus on renewable energy projects, solidifying its position as a key player in India's sustainable energy sector.
IREDA, a government company funding renewable energy projects, got the prestigious "Navratna" status for its strong financial performance, including a 32 per cent profit rise. This grants IREDA more freedom to invest, partner and grow globally. The company to announce its Quarterly Results (Q1FY25), tomorrow i.e., Friday, July 12, 2024.
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IREDA, a government-owned entity, plays a crucial role in India's renewable energy sector. Established in 1987, it promotes and finances projects in various renewable sources, including solar, wind, hydro, and bioenergy. Its motto, "Energy forever," reflects its commitment to a sustainable future. IREDA is a financial services company that provides financial assistance for renewable energy projects in India. The company offers a variety of financial products, including loans, guarantees, and debt refinancing. IREDA is committed to helping India transition to a greener future, and its financing schemes are designed to facilitate this transition.
The President of India’s portfolio owns 2,01,58,23,529 shares or 75 per cent stake in the company. From its 52-week low of Rs 49.99 per share to today’s closing price of Rs 283.60 per share, the stock gave multibagger returns of 461.31 per cent. The stock was listed on Wednesday, November 29, 2023, at Rs 60 per share. Therefore, 2,01,58,23,529 shares x (Rs 283.60 – Rs 49.99) = over Rs 47,091.65 crore since listing. Investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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