IREDA Crosses Life High; Shares Jump 6.5% On Bourses

IREDA Crosses Life High; Shares Jump 6.5% On Bourses

In Wednesday's heavy volume intraday trading, shares of Indian Renewable Energy Development Agency Limited (IREDA) surged 6.5 per cent on the bourses to a record high of Rs 218.80 per share.

Vikrant DurgaleUpdated: Wednesday, July 03, 2024, 12:30 PM IST
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In Wednesday's heavy volume intraday trading, shares of Indian Renewable Energy Development Agency Limited (IREDA) surged 6.5 per cent on the bourses to a record high of Rs 218.80 per share. The stock rose above its February 6, 2024, high and touched a record high of Rs 215.

For the third day in a row, the state-owned non-banking financial company's stock was up, rising 15 per cent during the last three trading sessions. From it's June 4 low of Rs 154, which was seen in the previous month, it recovered 42 per cent from the recorded low of Rs 154.

Recent Devlopments

Through the issuance of bonds, IREDA successfully raised Rs 1,500 crore last month. Investor response was overwhelming, with the bonds being oversubscribed 2.65 times over.

According to IREDA, this capital raise will help the company increase its efforts to fund green energy projects and help India reach its target of 500 GW of installed capacity free of fossil fuels by 2030.

IREDA serves as the primary organization for the Government of India's (GoI) subsidy and grant programs in the renewable energy (RE) sector. These programs include the National Bioenergy Program, capital subsidy programs for solar water heaters, and generation-based incentive schemes for wind and solar power projects.

Company's energy goal

It is the implementing agency for both the Central Public Sector Enterprises (CPSE) Scheme (Government Producer Scheme) and the Ministry of New and Renewable Energy's (MNRE) Production-Linked Incentive (PLI) Scheme for "High Efficiency Solar Photovoltaic (PV) Modules," with the goal of establishing 12000 MW of grid-connected solar PV power projects.

Implementation of MNRE schemes

Additionally, IREDA has played a key role in the implementation of a number of MNRE (Ministry of New and Renewable Energy) schemes. The ministry funds research and development through various institutions and encourages private investment through tax holidays, depreciation allowances, fiscal incentives, and compensation for power fed into the grid.

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