Shares of Indian Renewable Energy Development Agency Ltd (IREDA) dropped around 3.31% on January 9 to close at Rs 215.90 apiece. This comes ahead of the company’s Q3 results which are set to be released later today.
The stock had seen some volatility in the early trading hours of the day. After opening marginally higher than previous close at Rs 227, the shares declined, hitting an intraday low of Rs 213.65. This however came amid overall low market sentiment, with Sensex falling around 500 points.
Earlier on January 1, the company announced that it has witnessed a significant growth in loan disbursements in Q3 of the current financial year. Loan disbursements increased by 41% year-over-year to Rs 17,236 in the quarter, as per provisional data. "IREDA's outstanding performance reflects our unwavering commitment to driving India's renewable energy transition. The 129% growth in loan sanctions underscores the increasing confidence of stakeholders in our capabilities and our pivotal role in supporting green energy projects," Pradip Kumar Das, Chairman and Managing Director of IREDA, had said in a statement.
IREDA had reported nearly 36% year-over-year rise in its net profit to Rs 388 crore for the second quarter ended September 30, 2024. The total income from its operations during that quarter increased to Rs 1,630.38 crore from Rs 1176.96 crore a year ago, a rise of 38.52%.
IREDA, under the Ministry of New and Renewable Energy, is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
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