Stock Market Today: Multibagger stock Indian Renewable Energy Development Agency (IREDA) share price gained nearly 6% on Wednesday, January 1 post provisional business updates.
The company reported loan book growth of 36% till December 2024.
Business Update
IREDA reported provisional business performance up to December 31, 2024, on the exchanges, subject to audit, after market hours on Tuesday.
IREDA sanctioned loans worth ₹31,087 crore until December 2024, a growth of 129% over the ₹13,558 crore sanctioned loans in the same period in 2023.
Loan disbursements till December 31, 2024, stood at ₹17,236 crore as per IREDA updates, marking a growth of growth of 41% over the same period last year. IREDA had disbursed loans worth ₹12,220 crore till December 2023.
The outstanding loan book until December 2024 came in at ₹69,000 crore, recording an increase of 36% year-on-year over ₹50,580 crore at the end of December 2023.
Stock Price Impact
IREDA share price rallied 5.83 per cent to ₹227.70 on the BSE in early trade today following the business updates.
Though IREDA share price has corrected significantly from its all-time highs as the broader markets have remained under pressure amidst widespread selling by foreign institutional investors and other factors, it still rose 105% in 2024, delivering multibagger returns to its investors.
IREDA share price, which was listed on the exchanges in 2023 after an IPO, has been a significant wealth creator for investors.
The Indian public sector company IREDA provides financial assistance and other services to projects related to renewable sources of energy and energy efficiency/conservation. IREDA was established in 1987 and is a Navratna company under the Ministry of New and Renewable Energy (MNRE).
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