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IREDA shares surge 11% on ‘Navratna’ status; Stock nearing previous record high
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Shares of IREDA are now 13% away from their record high of ₹214.
Shares of Indian Renewable Energy Development Agency (IREDA) surged as much as 11% on Monday after the Department of Public Enterprise granted a “Navratna” status for the state-run financier.
With this, IREDA became the 17th Navratna company in India. As of the Department of Public Enterprises notification dated October 2023, there were 16 “Navratna” companies in India, including the likes of IRCON, RITES, NMDC and RCF.
As a “Navratna” company, IREDA can now undertake investments of up to ₹1,000 crore, without needing approval from the central government. It will also have the liberty to invest up to 30% of their net worth within a year, as long as it remains below ₹1,000 crore.
With Monday’s surge, IREDA’s shares have extended their gains for 2024 to over 80%. This is the company’s first full calendar year since it went public in November last year. Monday’s surge also takes the stock closer to its previous record high of ₹214.
Shares of IREDA had debuted on the stock market at an IPO price of ₹32. Within 50 trading sessions, the stock made an all-time high of ₹214, before correcting to levels below ₹100 and subsequently rebounding.
For the March quarter, IREDA’s assets under management (AUM) grew by 26.8% from last year to ₹59,698 crore. Even when compared to the December quarter, the AUM growth stood at 18%.
The management of IREDA will be speaking to CNBC-TV18 on Monday at 10:45 AM. This story will be updated post the management commentary.
Shares of IREDA are trading 8.5% higher at ₹185.20.
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