Shares of recently listed Indian Renewable Energy Development Agency Ltd (IREDA) will be in the focus during the trading session on Friday the BSE has revised the circuit filter for the company. The exchange informed about the same through its circular. The revised price band will be effective on April 5.
IREDA shares will now have a circuit filter of 20 per cent, which was 5 per cent earlier. It means that the shares of IREDA can rise or fall to a maximum extent of 20 per cent for a trading session. It is the higher circuit filter for individual stocks in the cash market.
The Securities and Exchange Board (Sebi) has defined various circuit levels- 2 per cent, 5 per cent ,10 per cent and 20 per cent for individual stocks in the cash market. After hitting the circuit limit in the either direction, the trading of the stock is halted depending upon the time at which the stock hits the circuit. However, bids in opposite directions can break the circuit.
IREDA shares had settled at Rs 158.35 on Thursday, after rising 0.75 per cent for the day. The total market capitalization of the company stood more than Rs 42,500 crore for the day.
IREDA had launched its IPO in November 2023 and raised a total of Rs 2,150.21 crore via its initial stake sale. The company sold its shares for Rs 32 apiece and the stock has delivered a return of 395 per cent from its issue price so far. The stock was listed at 49.99, a premium of 56 per cent over its issue price.
Indian Renewable Energy Development Agency, Incorporated in March 1987, is a 'miniratna' public limited government company, administratively controlled by the Ministry of New and Renewable Energy (MNRE). It provides financial assistance and other services to projects related to renewable sources of energy and energy efficiency/conservation.
Being a financial institution, shares of IREDA will also be on the radar of investors on Friday, with other rate sensitive stocks, ahead of RBI's monetary policy due later today. It will be the first monetary policy outcome for FY25, where the central bank may share some hints on the expected rate cuts for this fiscal.
Earlier this week, the PSU said that it has recorded the highest-ever loan sanctions worth Rs 37,354 crore in FY24, while loan disbursements came in at Rs 25,089 crore. IREDA's total loan book stands at Rs 59,650 crore, recording a growth of 26.71 per cent. Loans sanctioned surged 101.71 per cent year-on-year to Rs 23,796 crore during the March 2024 quarter.
Not only IREDA, BSE has revised circuit filters for scores of companies. Other 13 companies, whose circuit filter has been revised to 20 per cent from 5 per cent, include names like Shipping Corporation of India, Paramount Communications, Nucleus Software Exports, Indraprastha Medical Corporation, DB Realty, Indostar Capital Finance, EMS among others.
On the other hand, stocks such as Force Motors, Mangalore Refinery and Petrochemicals, Lyka Labs, Sakthi Sugars, Vakrangee, Fortis Malar Hospitals, Zenotech Laboratories, Indian Overseas Bank, UCO Bank, IIFL Finance, IRB Infrastructure Developers, Jupiter Wagons, Punjab & Sind Bank, Housing & Urban Development Corporation, Khadim India, RailTel Corporation of India, Data Patterns (India), and Shelter Pharma, to 20 per cent from 10 per cent earlier.