On Monday, Mini Ratna stock soared up 2 percent after signing a Memorandum of Understanding (MoU) with Punjab National Bank (PNB).
With a market capitalization of ₹47,922.84 crores, the Indian Renewable Energy Development Agency (IREDA) stock price rose by 2 percent from its previous close of ₹178 per share to an intraday high of ₹182 per share.
IREDA signed a Memorandum of Understanding (MoU) with PNB with the aim of advancing renewable energy initiatives across the nation. The pact took place at the registered office of IREDA in New Delhi.
As per the company exchange filings, the agreement between IREDA and PNB comprises various provisions that are poised to enhance support for renewable energy projects, including loan syndication, underwriting, management of Trust and Retention Accounts (TRA) for IREDA borrowers, and working towards competitive terms of sanction, including pricing on IREDA borrowings.
This agreement will focus on co-lending and loan syndication for diverse renewable energy projects nationwide.
This partnership also enhances IREDA’s existing successful collaborations with leading financial institutions such as Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Ltd., Bank of Maharashtra, and Indian Overseas Bank.
On a YoY basis, the revenue from operations increased by 44 percent from ₹868.67 crores in Q3 FY23 to ₹1,252.85 crores in Q3 FY24, and in the same period, the net profits also increased by 67 percent from ₹200.75 crores to ₹335.54 crores.
The stock has delivered a multibagger return of 197 percent in six months. So, if ₹1,00,000 invested in the company six months ago, it would now be worth ₹2,97,000.
The return on capital employed (ROCE) stands at 8.42 percent, and the return on equity (ROE) stands at 15.71 percent for the trailing twelve months (TTM).
IREDA is an Indian public sector company engaged in the business of promoting, developing, and extending financial assistance for new and renewable energy (RE) projects, and energy efficiency and conservation (EEC) projects. established in 1987 and headquartered in New Delhi.
Written By Praveen R
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