IREDA Shares Surge Nearly 6% Following Provisional Business Updates

New Delhi, January 1: The shares of Indian Renewable Energy Development Agency (IREDA) surged nearly 6% on Wednesday following the release of its provisional business updates. The company's loan book has grown by 36% to ₹69,000 crore, with outstanding disbursements reaching ₹17,236 crore as of December 31, 2024.

As per IREDA, ₹31,087 crore worth of loans have been sanctioned in the current financial year up until December 2024, representing a significant growth of 129% compared to the same period last year. The outstanding loan book has increased by 36%, outpacing the increase in outstanding disbursements.

The positive business update led to a sharp correction in IREDA's shares on Monday, bringing them to ₹227.70 on the BSE, an increase of 5.83% from its previous closing price. The stock has been a multibagger performer, delivering returns of over 105% in 2024.

Established in 1987 under the Ministry of New and Renewable Energy (MNRE), IREDA provides financial assistance and other services to projects focused on renewable sources of energy and energy efficiency/concentration. The company's performance has been a significant source of investment growth for its investors.

The provisional business updates have bolstered investor confidence, putting pressure on other sectors amid the current fluctuations in global market conditions.