IREDA Logs Jump In FII Holding In June Quarter

Indian Renewable Energy Development Agency (IREDA) filed its latest shareholding data pattern with the exchanges after the markets closed on Wednesday.

What Happened: As per the filing, the public sector firm major saw foreign portfolio investors raising their stake during the April-June period.

Foreign portfolio investors held 7.25 crore shares or a 2.7% stake in the company at the end of the June quarter. As of the end of March 2024, they held 3.66 crore shares or a 1.36% stake in the company. The company has nearly seen FII holding double during the quarter.

IREDA’s share price has been on a bullish roll ever since the stock made a strong debut at the bourses last year in November. Since then, the stock has surged over 300%.

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The company is set to report its earnings for the June quarter on Friday. In its business update for the June quarter, shared earlier this month, the company said that it sanctioned loans worth ₹9,136 crore during the quarter ended June, marking a growth of nearly five times or 382% year on year, compared to the loans worth ₹1,893 crore it sanctioned in the same quarter last year when it.

At the end of June, IREDA's loan book stood at ₹63,150 crore, up 33.77% from ₹47,207 crore a year earlier. During the March quarter, the company registered a net profit of ₹337.37 crore, a growth of 33% year-on-year.

Price Action: IREDA’s share price was down 1.69% to trade at ₹243.11 as the markets opened on Thursday.

Read Next: BHEL Sees FII Holding Jump In June Quarter, LIC Trims Stake

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