Ireda share price: IRED Shares rise 7%, Reaching New Record High – What’s Driving the Rally?

#Iredasharepric

Ireda share price: IREDA Shares rise 7%, Reaching New Record High – What’s Driving the Rally?

Ireda share price: On Wednesday, IREDA shares surged over 7%, hitting a new all-time high of ₹224.6 on the NSE. Year-to-date, IREDA stock has skyrocketed by 107.50%, effectively more than doubling investors’ returns.

Ireda share price: IRED Shares rise 7%, Reaching New Record High – What’s Driving the Rally?

On July 3, IREDA shares climbed almost 7%, reaching a record high of ₹224.6 on the NSE amid robust trading volumes. A bulk transaction of 1.37 million shares highlighted the strong investor interest.

The day before, a block deal involving 5 million IREDA shares, representing 0.16% of the company’s total equity, was executed with a transaction value of ₹100 crore.

IREDA recently saw a notable transaction involving 8.92 million shares, constituting 0.35 percent of total equity, valued at ₹189.4 crore. This transaction occurred at an average price of ₹213 per share. Highlighting its growth trajectory, IREDA’s CMD Pradip Kumar Das announced plans for a Follow-on Public Offer (FPO), pending government approval, to bolster equity infusion.

In the preceding month, IREDA successfully raised ₹1,500 crore through oversubscribed bond issuance, underscoring strong investor interest. This capital infusion aims to enhance support for green energy projects, crucial for India’s target of achieving 500 GW non-fossil fuel capacity by 2030.

IREDA operates as a non-deposit-taking NBFC, specializing in financing renewable energy sectors, promoting and funding projects in renewable energy, energy efficiency, and conservation.

In the current year, IREDA’s stock has skyrocketed by 107.50 percent, delivering substantial returns to investors, more than doubling their initial investment. Presently, this PSU stock has surged to trade 581 percent above its IPO issue price.

IREDA made its public debut in November of the previous year, initially offering shares at ₹32 each during its IPO. The stock marked a remarkable debut, listing with a notable 56.25 percent premium over its IPO issue price.

Prime Minister Modi meditates at the Swami Vivekananda Rock Memorial Shweta Tiwari Thailand Photo Viral Alia Bhatt rocked a stunning floral Sabyasachi saree for the MET Gala Sofia Ansari New Latest Bold Look महुआ मोइत्रा की चुनाव कैंपेन की बेहतरीन तस्वीरें
Prime Minister Modi meditates at the Swami Vivekananda Rock Memorial Shweta Tiwari Thailand Photo Viral Alia Bhatt rocked a stunning floral Sabyasachi saree for the MET Gala Sofia Ansari New Latest Bold Look महुआ मोइत्रा की चुनाव कैंपेन की बेहतरीन तस्वीरें