President of India’s portfolio gains multibagger returns of Rs 121,37,27,34,681 from a recently listed NBFC stock in just 16 days; scrip hits upper circuit & 52-week high!

The stock gave multibagger returns of over 140 per cent from its 52-week low of Rs 49.99 per share.

The bullish tide from Wall Street swept over Indian markets today, propelling the Sensex and Nifty to record highs. The Sensex surpassed 70,600, while the Nifty crossed 21,200, driven by a 512-point jump in the DOW and strong investor confidence.

Along with the stock market in green, this recently listed stock enjoyed a stellar day, surging 10 per cent to an intraday high of Rs 123.37, marking a new 52-week peak. Though it pared some gains to close at Rs 120.21, still up 7.18 per cent, the heavy volume surge suggests strong investor confidence in the company's prospects. The shares of the company saw a spurt in volume by more than 2 times on BSE.

The stock name is Indian Renewable Energy Development Agency Ltd (IREDA).

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 Mini Ratna (Category - I) company.

The stock was listed on Wednesday, November 29, 2023. The stock was listed at Rs 60 per share. The stock's meteoric rise doubled its value, soaring from Rs 60 to Rs 120.21, a whopping 100 per cent return on investment. The person who got shares in the IPO allotment already gained 275.66 per cent as of today’s closing price of Rs 120.21 per share.

The President of India owns 2,01,58,23,529 shares or 75 per cent stake in the company. From its listing price of Rs 60 per share to today’s closing price, the President of India’s portfolio gains multibagger returns of Rs 121,37,27,34,681 in just 16 days.  

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.

IREDA recently went public through an IPO, and its shares have performed well since then. The company has a market of over Rs 32,000 crore and reported positive numbers in its Quarterly Results (Q2FY24) and annual results (FY23). The shares of the company have a PE of 26.4x, an ROE of 15.4 per cent, and an ROCE of 8.2 per cent. The stock gave multibagger returns of over 140 per cent from its 52-week low of Rs 49.99 per share.

Disclaimer: The article is for informational purposes only and not investment advice.