IREDA shares rise 6% in early deals, here's why 

Shares of Indian Renewable Energy Development Agency Ltd (IREDA) rose nearly 6% in early deals on Wednesday after the firm issued its business updates for last year. 

IREDA stock gained 5.83% to a high of Rs 227.70 against the previous close of Rs Rs 215.15 on BSE. Market cap of the renewable energy stock rose to Rs 59,990 crore. IREDA shares saw a high turnover of Rs 11.23 crore as 5.09 lakh shares changed hands on BSE.  

In terms of technicals, relative strength index (RSI) of the stock stands at 55.7, 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 100.40 on March 1, 2024. 

IREDA sanctioned loans worth Rs 31,087 crore in the December 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.