Shares of Indian Renewable Energy Development Agency Ltd (IREDA) rebounded sharply during the trading session on Tuesday as the stock hit upper circuit limit during the trading session amid the heavy trading volumes driven by the reported bulk deals in the counter.
Shares of IREDA dropped 5 per cent, locked in the seller's circuit at Rs 143.90 on Tuesday but soon recovered 10 per cent, hitting the upper circuit of 5 per cent at Rs 159 for the day, with a total market capitalization of more than 42,700 crore. The scrip had settled at Rs 151.45 on Monday.
According to the data from BSE, a total of 75.57 lakh shares of IREDA worth Rs 117.69 crore were traded as of 11 am on Tuesday. Similarly, more than 11.48 crore shares amounting to Rs 1,769 crore of the state-run financial institution exchanged hands on the NSE.
Some media reports suggested that the stock undergone some block deals wherein about 0.7 per cent stake of the company was traded at the opening tick. However, Business Today could not verify the same and the details of buyers and sellers could not be ascertained at the time of writing the report.
Incorporated in March 1987, Indian Renewable Energy Development Agency is a government company, under the Ministry of New and Renewable Energy. IREDA is an experienced financial institution that has been actively promoting, developing, and extending financial assistance for new and renewable energy projects, as well as energy efficiency and conservation projects.
The company launched its IPO in November 2023, where it raised a total of Rs 2,150 crore. The company sold its shares of Rs 32 apiece, which have surged to Rs 215 earlier this month, delivering a massive return of 570 per cent. Even at the current price, the stock is up about 400 per cent from its issue price.
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