IREDA Shares Rocket 6% As Sanctioned Loans Jump Over 380% In Q1

IREDA‘s share price was soaring on Monday morning going up close to 6% to hit an intraday high of ₹201.82.

What Happened: The public sector firm posted its business update for the April-June quarter on Sunday evening. IREDA sanctioned loans worth ₹9,136 crore during the quarter ended June, marking a growth of nearly five times or 382% year on year, compared with the same quarter last year when it disbursed loans worth ₹1,893 crore.

Loan disbursements during the quarter were ₹5,320 crore, a 67.6% increase from the ₹3,174 crore disbursed a year ago. At the end of June, IREDA’s loan book stood at ₹63,150 crore, up 33.77% from ₹47,207 crore a year earlier.

See Also: How To Check Vraj Iron IPO Allotment Status

The promising numbers helped the stock end its two-straight session losing streak on Monday. Shares of the state-owned company have remained muted in the past 30 days, going down around 0.44%, excluding the jump today.

Earlier in the quarter, IREDA announced its plans to achieve “Maharatna” public sector undertaking status by 2030, following the grant of “Navratna” status in April. IREDA aims to increase its annual disbursements to ₹1.36 lakh crore by the financial year 2030.

By the end of the financial year 2030, IREDA aims to grow its loan book to nearly ₹3.5 lakh crore, a six-fold increase from its financial year 2024 loan book of ₹59,650 crore.

Price Action: IREDA’s share price was up 3.25% to trade at ₹196.63 as the markets opened on Monday.

Read Next: Zomato Receives GST Demand Of ₹9.50 Cr, Says Will Appeal Against Order

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
Posted In: EquitiesNewsMarketsMoversTrading IdeasIREDA

Loading...