IREDA, a company that supports renewable energy projects, had a great day in the stock market. Its shares went up by 5%, hitting a maximum allowed level.
Today, the shares reached a high of Rs 149.75. This rise happened because the company gave out a lot of loans in the last quarter, which investors see as good news.
They approved loans worth Rs 37,354 crore, which is more than they did last year.
Here are more details
1) In the last quarter, they approved loans worth ₹23,796 crore, more than double of what they did last year.
2) They distributed loans worth ₹12,869 crore this quarter, up by nearly 14% compared to last year.
3) The total outstanding loans of the company reached ₹59,650 crore this financial year, which is about 27% more than last year.
4) Investors are expecting the company to perform well financially in the last quarter too. In the third quarter, their profit after tax increased by 67%.
Talking about the Initial Public Offering (IPO), IREDA’s shares initially sold at Rs 32 each. But when they were listed, their price was 56% higher.
In the last six months, the company’s shares have increased by 150%. This performance is better than the Nifty 50 index, which only grew by about 15% in the same period.
