Indian Renewable Energy Development Agency (IREDA) witnessed an impressive surge, soaring over 160% above its issue price of Rs 32. Fueled by the positive sentiment surrounding power and PSU stocks, this surge reflects the market’s confidence in IREDA’s potential for sustained growth. While some investors may consider profit booking, analysts view IREDA as a long-term opportunity with the potential for further rallies.
As of 12:40 pm, IREDA’s shares continued their upward trajectory, trading 19.97% higher at ₹85.00.
This remarkable movement follows the state-owned firm’s strategic move of launching a retail division, specifically catering to providing loans under the PM-KUSUM scheme, Rooftop Solar, and other Business-to-Consumer (B2C) sectors.
In a swift response, IREDA’s retail division promptly sanctioned its inaugural loan, amounting to Rs 58 crore, under the KUSUM-B scheme. This development further reinforces the company’s commitment to advancing renewable energy initiatives and expanding its footprint in key sectors.