IREDA shares in focus today as RBI says this on its Nepal investment 

Shares of state-run Indian Renewable Energy Development Agency Ltd (IREDA) are in news on Monday after the company said it received a letter from the Reserve Bank of India (RBI). IREDA stock ended at Rs 149.70 on BSE in the previous session. Market cap of the renewable energy stock stood at Rs 40,222 crore.

In terms of technicals, relative strength index (RSI) of the stock stands at 32.3, signaling it's trading neither in the overbought nor in the oversold zone.

IREDA stock touched an all-time high of Rs 310 on July 15, 2024 and a 52 week low of Rs 121 on March 14, 2024.

IREDA stated that the RBI has not acceded to the company's request of making an equity investment to develop and implement a 900 MW Upper Karnali Hydro Electric Power Project in Nepal.

The Upper Karnali Hydro Electric Power Project is a joint venture between IREDA, GMR Energy, GMR Power & Urban Infra, GMR Lion Energy, NEPAL Electricity Authority, and another state-run company SJVN Ltd.

IREDA's equity investment in the venture is around Rs 174.22 crore for a 5% stake.

IREDA sanctioned loans worth Rs 31,087 crore in the December 2024 quarter, a growth of 129% from the same quarter last year. The state-run renewable energy financier had sanctioned loans worth Rs 13,558 crore during the December 2023 quarter.

Disbursements in Q3 climbed 41% from the year-ago quarter to Rs 17,236 crore compared to Rs 12,220 crore last year.

IREDA's loan book outstanding climbed 36% to Rs 69,000 crore in from Rs 50,580 crore at the end of December 2023.

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.