Shares of Indian Renewable Energy Development Agency (IREDA) surged by as much as 7% on July 12, hitting another record high of Rs 304.50. This recent uptick has pushed IREDA’s market capitalization close to Rs 80,000 crore. The share price of IREDA gained 6.83% to record highs of Rs 304.50 on NSE.
Positive Investor Sentiment and Increased FPI Stake
The stock has shown gains in five out of the last six trading sessions, buoyed by positive investor sentiment. IREDA disclosed its June quarter shareholding pattern on Thursday, revealing that foreign portfolio investors (FPIs) have doubled their stake in the renewable energy PSU.
As of June 30, FPIs held a 2.7% stake in IREDA, up from 1.36% in the previous quarter. However, no single significant investor with a stake exceeding 1% was identified.
Rising Small Shareholder Numbers
During the April-June period, the number of small shareholders also increased, with those holding authorized share capital of less than Rs 2 lakh rising to 22.15 lakh from 21.23 lakh in the March quarter.
What are the Concerns For Further Investment?
Conversely, India’s domestic mutual funds reduced their stake in IREDA, opting to book profits amidst the stock’s ascent to new highs. Mutual funds now hold a 0.24% stake, down from 0.53% at the end of March.
How Much Returns has IREDA given from IPO price?
IREDA made its stock market debut in November last year at Rs 32 per share. Since then, the stock has surged over nine-fold from its IPO price, marking a significant milestone as it now trades above Rs 300 per share.
Stocks Performance In last One year
In terms of stock performance, IREDA shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 66.12% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 172.79%, indicating a strong upward trend.
Year-to-date, IREDA shares have surged by 187.42%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 403.05% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.
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