Shares of IREDA extended their rally on September 11 after the state-owned company informed that its wholly-owned subsidiary IREDA Global Green Energy Finance IFSC Ltd has been granted provisional registration as a finance company by the International Financial Services Centre Authority (IFSCA).
"...this is to inform you that the International Financial Services Centre Authority (IFSCA) has granted the provisional registration to IREDA Global Green Energy Finance IFSC Limited, (a wholly owned subsidiary of IREDA Ltd) as a finance company at Gift City," IREDA said in a stock exchange filing.
The establishment of IREDA Global Green Energy Finance IFSC is a strategic initiative to expand IREDA’s international footprint and unlock new business opportunities, it added.
Pralhad Joshi, Union minister for new and renewable energy, consumer affairs, food, and public distribution, said, "GIFT City is a hub for international financial and investment activities, playing a pivotal role in India’s vision of ‘Viksit Bharat’ (Developed Nation) by 2047."
Also Read | Trade Setup for Today: 15 things to know before the Opening Bell
Earlier on Monday, IREDA informed that it has inked initial pacts with SJVN and GMR Energy for the development and implementation of the 900MW Upper Karnali hydro-electric project in Nepal. This collaboration aims to enhance regional energy security through the development of renewable energy infrastructure.
The project holds strategic importance for IREDA, as it will help harness Nepal’s vast hydropower potential while reinforcing IREDA’s dedication to renewable energy development.
Recently, S&P Global Ratings assigned IREDA a ‘BBB -‘ long-term and ‘A- 3’ short-term issuer credit rating, with a ‘Stable’ outlook. The agency's report noted, “IREDA is rated one notch above the starting point for rating financial companies (fincos) in India, reflecting continued government support.”
IREDA shares ended 5.3 percent higher at Rs 235 on the National Stock Exchange (NSE) in the previous session. The PSU stock has gained around 125 percent so far this year, more than doubling investors' capital and outperforming Nifty's returns of 16 percent.
In the past 12 months, IREDA shares have skyrocketed 292 percent. In comparison, Nifty rose 29 percent during this period.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
