IREDA shares: Due to the company’s non-compliance with SEBI portfolio concentration norms, NSE, India’s largest stock exchange by volume and turnover, revoked the inclusion of the renewable energy stock in several key indices. As a result, shares of Indian Renewable Energy Development Agency Ltd. (IREDA) fell more than 3% in early trade today. Additionally, in the early trade, investor wealth in the company decreased by Rs 1,102 crore.
Early in Wednesday’s trading session, IREDA shares dropped 3.17% to Rs 125.25. The company’s market value decreased from Rs 34,766 crore to Rs 33,664 crore during the current session.
10.84 lakh shares changed hands as part of IREDA, totaling Rs 13.79 crore in BSE turnover.
Technically, the stock’s relative strength index (RSI) is 37.9, indicating that it is not trading in the overbought or oversold range.
The 5 day, 10 day, 20 day, 30 day, and 50 day moving averages are all being exceeded by the price of IREDA shares at this time.
“The National Stock Exchange (NSE) announced in a press release that due to IREDA’s failure to meet one of the SEBI Portfolio Concentration Norms concerning impact cost for Equity Exchange Traded Funds (ETFs) and Index Funds, the committee has decided to retract its previous decision to include IREDA, as announced on February 28, 2024.”
As of March 28, 2024, IREDA was supposed to be a part of multiple indices. These included the Nifty 500 Multicap 50:25:25, Nifty Large Midcap 250, Nifty MidSmallcap 400, Nifty Midcap 150, Nifty Midcap 100, Nifty 200, Nifty Total Market, and Nifty Midcap 250.
The Nifty 500, Nifty Smallcap 250, and Nifty MidSmallcap 400 will continue to include V-Guard Industries, which was removed to make room for IREDA stock.
This year’s February 6 saw a record high of Rs 215 for the renewable energy stock. The stock has increased 304% since its initial public offering (IPO) price of Rs 32.
On November 29, 2023, the IREDA stock listed for the first time. 56.25% more than the IPO issue price of Rs 32, the stock was listed at Rs 50.
From November 21 to November 23, 2023, the IPO was open. IREDA’s initial public offering (IPO) had a lot size of 460 shares and a price range of Rs 30-32 per share. With the loan book expanding and net non-performing assets (NPAs) significantly declining from 2.03% to 1.52 percent year over year, IREDA reported a 67% increase in net profit to Rs 335.54 crore in Q3.
Compared to Rs 868.98 crore in the same quarter last year, revenue from operations increased by 44.21 percent to Rs 1,253.20 crore in Q3. In Q3, the PSU’s loan book increased by 33.50 percent to Rs 50,579.67 crore, compared to Rs 37,887.69 crore YoY.
A Mini Ratna (Category I) government organization is IREDA. The Ministry of New and Renewable Energy (MNRE) currently has administrative control over it. For more than 36 years, IREDA has been actively promoting, creating, and providing financial assistance for projects involving new and renewable energy as well as energy efficiency and conservation.
Disclaimer: Businessuncover does not offer investment advice; rather, it merely offers stock market news for informational purposes. It is recommended that readers seek advice from a licensed financial advisor prior to making any investment decisions.
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