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    Multibagger! IREDA shares hit 20% upper circuit to triple from IPO issue price

    Synopsis

    With Tuesday's rally, IREDA's market cap crossed the Rs 26,000 crore mark. The stock has tripled from its issue price of Rs 32 in just ten days of listing. The stock went public on November 29, ending at 87.5% higher than its issue price.

    Multibagger! IREDA shares hit 20% upper circuit to triple from IPO issue priceETMarkets.com
    Shares of Indian Renewable Energy Development Agency (IREDA) hit the 20% upper circuit at Rs 102 in Tuesday's trade on BSE. The stock had also hit a 20% upper circuit in Monday's trade. Meanwhile, from its issue price of Rs 32, the stock has rallied nearly 219%.

    At 11.22 am, IREDA shares were trading 15.6% higher at Rs 98.2 on NSE backed by heavy volumes on the NSE. A total of 24,29,53,112 equity shares worth Rs 2,380.9 crore changed hands so far.

    The stock is also on a winning streak after Pradip Kumar Das, Chairman & Managing Director of Indian Renewable Energy Development Agency Limited (IREDA) announced the launch of IREDA's retail division, which became operational on 5th December. This strategic initiative is geared towards enhancing emphasis on providing loans to borrowers in the PM-KUSUM scheme, Rooftop Solar, and other Business-to-Consumer (B2C) sectors.

    Shortly after opening, IREDA's retail division quickly sanctioned its first loan amounting to Rs 58 crore under the KUSUM-B scheme, the company said in a release.

    The company's CMD Pradip Kumar Das also proposed a significant stride towards sustainable investing by suggesting a 1-2% Assets Under Management (AUM) allocation for domestic pension and insurance funds into Renewable Energy (RE) bonds. This strategic move aims to deepen bond markets, fostering increased global and local investments.

    With Tuesday's rally, IREDA's market cap crossed the Rs 26,000 crore mark. The stock has tripled from its issue price of Rs 32 in just ten days of listing. The stock went public on November 29, ending at 87.5% higher than its issue price.

    IREDA was the first public sector company to enter the capital markets in more than a year, following the public issue of Life Insurance Corporation of India in May 2022.

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    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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