look news india
New Delhi: IREDA (Indian Renewable Energy Development Agency Limited-IREDA) shares have seen a tremendous rise today and this PSU stock rose 7 percent to an all-time high of Rs 303.85 today. Five of the last six trading sessions have closed with gains. The company may announce the results for the first quarter of the current financial year. IREDA shares were listed on the stock market eight months ago today. Since listing, this multibagger stock has given investors a return of 507 percent. IREDA's June quarter shareholding data shows that FPIs have doubled their holding in this PSU stock compared to the previous quarter. In the June quarter, FPIs held 2.7 percent stake in IREDA.
IREDA shares opened with gains today. The stock rose 7 per cent to Rs 303.85 intraday. The stock is at an all-time high. Yesterday too, IREDA broke the 52-week record and reached a record high of Rs 289.45.
Huge profit in last quarter
Looking at the company's performance in the last quarter and FY24, IREDA earned a profit of Rs 337.37 crore in the fourth quarter of FY24 (Q4FY24). Which was an increase of 33% on a year-on-year (YoY) basis. The company told the stock market that it earned a net profit of Rs 253.61 crore during the FY23 January-March quarter. IREDA's debt increased to Rs 59,698.11 crore in Q4FY24 from Rs 47,052.52 crore in the same quarter last year (q4fy23).
Shares crossed Rs 300 from Rs 50 in 8 months
IREDA's IPO was listed on the stock market on 29 November 2023. The issue price of IREDA was Rs 32 per share. Within 8 months i.e. on July 12, the company's shares have reached Rs 303. In this way, it has increased by 507 percent as compared to the listing price. If an investor had invested Rs 1 lakh in this stock eight months ago, then today its value would have been Rs 6 lakh.