Green Energy NBFC company enters into a share purchase agreement with SJVN for setting up a 900-MW hydro-electric power project in Nepal
From its 52-week low of Rs 49.99 per share to today’s closing price of Rs 272.25 per share, the stock gave multibagger returns of 444.6 per cent.
On Tuesday, shares of IREDA plunged 6.06 per cent to Rs 272.25 with an intraday high of Rs 288.15 and an intraday low was Rs 270.15 from its previous closing of Rs 289.80. The stock’s 52-week high is Rs 310 while its 52-week low is Rs 49.99.
The Board of Directors of Indian Renewable Energy Development Agency Limited (IREDA) in its meeting held on July 16, 2024, has accorded In-principle approval for equity investment of up to 10 per cent shareholding each in GMR Upper Karnali Hydro Power Limited, Nepal, and Karnali Transmission Company Pvt Ltd., Nepal (aggregating to Rs 290 crore for both the SPVs), in association with SJVN Limited, for setting up 900-MW Upper Karnali Hydro-Electric Power Project in Nepal, subject to the approval from the Government of India, other statutory/regulatory authorities, as applicable. GMR and Nepal Electricity Authority, Government of Nepal are the existing shareholders of GMR Upper Karnali Hydro Power Limited, Nepal.
According to Quarterly Results, net sales increased by 32.1 per cent to Rs 1,510.28 crore and net profit increased by 30.3 per cent to Rs 383.69 crore in Q1FY25 over Q1FY24. In its annual results, net sales increased by 42.6 per cent to Rs 4,963.94 crore and net profit increased by 44.8 per cent to Rs 1,252.23 crore in FY24 over FY23.
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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 various renewable sources, including solar, wind, hydro, and bioenergy projects. Its "Energy Forever" motto 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 272.25 per share, the stock gave multibagger returns of 444.6 per cent. Investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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