Rs 1 lakh turned into Rs 6 lakh in just 8 months, shares of the state-owned company hit record highs

New Delhi. Shares of IREDA (Indian Renewable Energy Development Agency Ltd-IREDA) rose sharply today and the PSU stock rose 7% to touch a new high of Rs 303.85 today. Five of the last six trading sessions closed with gains. The company may also announce the results for the first quarter of the current financial year today. IREDA’s share was listed on the stock market eight months ago. Since listing, this multi-bagger share has returned 507% to investors. IREDA’s shareholding data for the June quarter shows that FPIs have doubled their holdings in this PSU stock compared to the previous quarter. FPIs held 2.7 per cent stake in IREDA in the June quarter.

Today i.e. July 12 opened with a rise in IREDA shares. The shares rose 7 percent to Rs 303.85 intraday. This is the all-time high for this stock. Yesterday too, IREDA’s share hit a 52-week high of Rs 289.45. The company is going to announce the results for the first quarter of fiscal year 2025 (Q1FY25) today.

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The last quarter saw huge profits.
If we look at the company’s performance in the previous quarter and FY24, IREDA recorded a net profit of Rs 337.37 crore in the fourth quarter of FY24 (Q4FY24), which is 33% year-on-year (YoY). was an increase of The company had told the stock market that it had made a net profit of Rs 253.61 crore during the January-March quarter of FY23. In Q4FY24, IREDA’s loan book grew to Rs 59,698.11 crore, from Rs 47,052.52 crore in the same quarter last year (q4fy23).

The share crossed Rs 50-300 in 8 months.
IREDA’s IPO was listed on the stock market on November 29, 2023. The company listed on the BSE and NSE at Rs 50 per share, up 56.25 percent. The issue price of IREDA was Rs 32 per share. Within 8 months i.e. on 12 July 2024, these shares reached Rs 303.85. Thus, it has gained about 507% from its listing price. If an investor had invested Rs 1 lakh in this share eight months ago and still has the investment, today his value of Rs 1 lakh has increased to Rs 6 lakh.

(Disclaimer: The information given here is based on share performance. As investing in stock market is subject to market risk, please consult a certified investment advisor before investing. News 18 Hindi becomes responsible for any damages you incur.)

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