Shares of the Indian Renewable Energy Development Agency spiked 5% to hit its upper circuit of Rs 149.50 compared to its previous close of Rs 142.65 on the National Stock Exchange. The upsurge in the price of the company’s stock was witnessed after it announced a strong quarterly business update.
The renewable energy company reported loan sanctions worth Rs 37,354 crore for FY 24 up 14.6% from the previous year of Rs 32,587. The company recorded the highest-ever loan sanctions, the company said in an exchange filing.
In FY 23-24, the company’s loan disbursement stands at Rs 25,089 crore, a jump of 16% compared to FY 22-23. Its loan book at Rs 59,650 in the same period as aforementioned, an increase of 26.71% when compared to the last year of Rs 47,076 crore.
The stock of the company rose 4.5% in the last five days. It gave a whopping return of 150% to the investors in the last six months. The company’s shares rose 43% from year to date.
Comparing the stock’s return to the benchmark index, Nifty 50. It has risen 1.5% in the past five days. The index gave a return of 14.7% in the last six months and 3% from year to date.