IREDA Share Price Soars After Attaining Navratna Status 📈
Indian Renewable Energy Development Limited (IREDA) was granted Navratna status by the government last month. The company aims to become a “Maharatna” PSU by FY30, with certain targets set to be achieved by the financial year 2030.
IREDA’s share price rose by 5% in early trading but saw a 3.65% dip on Tuesday, closing at Rs. 186. The stock closed at around Rs. 193 on Friday, marking a 1.7% decrease. Over the past five days, the stock has gained nearly 7%, resulting in a threefold increase for investors in the past six months.
To achieve Maharatna status, IREDA has set targets to increase its annual distribution fivefold to Rs. 1.36 lakh crore by FY30. At the end of FY24, the company’s distribution was Rs. 25,089 crore, a 15% increase from FY23.
IREDA aims to create a loan book of around Rs. 3.5 lakh crore by the end of FY30, significantly higher than the Rs. 59,650 crore loan book in FY24, which was six times larger.
To qualify for Maharatna status, the company must meet the minimum shareholding criteria and have an average annual turnover of over Rs. 25,000 crore in the last three years.
As a Maharatna PSU, IREDA’s PSU status will enhance its autonomy and authority over other categories. A Maharatna PSU can invest up to 15% of its total assets in a project without prior approval from the government.
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