IREDA shares have given 507 percent return in eight months. This stock has jumped 60 per cent in the last one month. FPI has increased its stake in this multibagger stock.
New Delhi. IREDA (Indian Renewable Energy Development Agency Ltd-IREDA) shares have gained tremendously today and this PSU stock has gained 7 per cent to reach a new all-time high of Rs 303.85 today. It has closed with gains in five of the last six trading sessions. The company may also announce the results of the first quarter of the current financial year today. IREDA shares were listed on the stock market eight months ago. Since listing, this multibagger stock has given 507 per cent return to investors. IREDA’s June quarter shareholding data shows that FPIs have doubled their stake in this PSU stock compared to the previous quarter. In the June quarter, FPIs held 2.7 per cent shares of IREDA.
Today, on July 12, IREDA shares opened with gains. Intraday, the shares rose 7 per cent to Rs 303.85. This is the all-time high of this stock. Yesterday also, IREDA shares broke the 52-week record and reached a record high of Rs 289.45. The company is going to announce the results of the first quarter of FY 2025 (Q1FY25) today.
There was tremendous profit in the last quarter
If we look at the company’s performance in the last quarter and FY24, IREDA had reported a net profit of Rs 337.37 crore in the fourth quarter of FY24 (Q4FY24), which was an increase of 33% year-on-year (YoY). The company had told the stock market that it had earned a net profit of Rs 253.61 crore during the January-March quarter of FY23. In Q4FY24, IREDA’s loan book grew to Rs 59,698.11 crore, from Rs 47,052.52 crore in the same quarter last year (q4fy23).
Share crossed Rs 50 to Rs 300 in 8 months
IREDA’s IPO was listed in the stock market on 29 November 2023. The company entered BSE and NSE at Rs 50 per share with a listing gain of 56.25 percent. The issue price of IREDA was Rs 32 per share. Within 8 months i.e. on 12 July 2024, these shares reached Rs 303.85. In this way, it has jumped by about 507 percent from the listing price. If an investor had invested one lakh rupees in this stock eight months ago and is still invested, then today the value of his one lakh rupees has increased to Rs 6 lakh.
(Disclaimer: The information given here is based on the performance of the stock. Since investing in the stock market is subject to market risk, please consult a certified investment advisor before investing. News18 Hindi will not be responsible for any loss you may incur.)
Tags: Money Making Tips, Multibagger stock, Stock market
FIRST PUBLISHED : July 12, 2024, 13:47 IST