Shares of Indian Renewable Energy Development Agency Ltd (IREDA) snapped their three session winning run as the Indian equity market record rally came to a halt after five sessions. The IREDA stock will be in focus on Wednesday after the government-owned firm said it has inked a memorandum of understanding (MoU) with Indian Overseas Bank for co-lending in green energy financing.
In the current session, IREDA shares ended 2.13% lower at Rs 119.50 on BSE. Market cap of the firm slipped to Rs 32,118 crore. IREDA saw 166.33 lakh shares changing hands amounting to a high turnover of Rs 202.83 crore on BSE.
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However, the stock surged 4.44% to a record high of Rs 127.50 today against the previous close of Rs 122.10 on BSE. IREDA stock surpassed the previous record high of Rs 123.37 reached on December 14, 2023.
It fell to a record low of Rs 49.99 on November 29, 2023.
IREDA stock had ended in the green in the last three sessions. In terms of technicals, the relative strength index (RSI) of the stock stands at 75.3, signaling it's trading in the overbought zone.
"The MoU sets the stage for collaborative efforts in co-lending and loan syndication for a diverse spectrum of renewable energy projects," said IREDA.
Pradip Kumar Das, CMD, IREDA said, "This strategic partnership between IREDA and Indian Overseas Bank marks a significant step in our commitment to accelerate the growth of renewable energy in the country. By combining our strengths and resources, we aim to provide robust financial support to a diverse range of Renewable Energy projects, fostering sustainability and environmental awareness. Through the MoU and prior agreements with other leading financial institutions, IREDA is well-positioned to fund largescale renewable energy projects, aligning with the Hon'ble Prime Minister's COP26 announcement to achieve a 500 GW Non-Fossil-based electricity generation capacity by 2030."
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Shares of IREDA listed at a premium of 56.25% to the issue price at Rs 50 on November 29. The stock listed at Rs 50 on NSE.
IREDA is a Mini Ratna (Category - I) government enterprise. It is administratively controlled by the Ministry of New and Renewable Energy (MNRE). IREDA has been actively promoting, developing, and extending financial assistance for new and renewable energy projects, as well as energy efficiency and conservation projects for over 36 years.