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IREDA Stock Surges on Strong Q4 Performance
1 Apr
Summary
- Loan book grew 22% to ₹93,075 crore by year-end.
- Secured ¥28 billion in external borrowings from SMBC.
- Stock price increased over 5% to ₹114.89 per share.
Indian Renewable Energy Development Agency (IREDA) experienced a notable surge in its stock price, climbing over 5% to ₹114.89 per share during Wednesday's trading session. This upswing was driven by the company's impressive fourth-quarter business performance.
As of the year's end, IREDA reported an outstanding loan book of ₹93,075 crore, representing a substantial 22% increase compared to the ₹76,282 crore recorded in the same quarter of the previous year.
Further bolstering its financial capabilities, IREDA announced on March 30 that it had finalized a facility agreement. This agreement with Sumitomo Mitsui Banking Corporation (SMBC) will provide external commercial borrowings (ECBs) totaling ¥28 billion. The facility, arranged by SMBC's Singapore branch, also includes an option for an additional ¥12 billion.
This ¥28 billion facility from SMBC is a significant development for IREDA's financing operations. Structured through SMBC's Singapore branch, it underscores international confidence in IREDA's renewable energy initiatives.
