“We are a Government of India company and getting navratna status is the Government of India s process. We are meeting all the criteria and I believe that the recent meeting was quite satisfactory. Since it is the Government of India s internal process and decision, I will not divulge what we have discussed there. We are hopeful that the process will get completed soon”.
With Tuesday s rally, IREDA s market cap crossed the Rs 26,000 crore mark. The stock has tripled from its issue price of Rs 32 in just ten days of listing. The stock went public on November 29, ending at 87.5% higher than its issue price.
IRDEA financials: The company recorded a 58 percent CAGR growth in net profit during FY21-FY23. The capital-to-risk weighted asset ratio (CRAR) was 21.22 percent as of March 31, 2022, 18.82 percent as of March 31, 2023, and 20.92 percent as of September 30, 2023.
Shares of Indian Renewable Energy Development Agency (IREDA) rallied almost 15 percent to hit a new high of ₹73.67 apiece on Friday. The stock has already doubled investor wealth from its issue price, surging 101 percent.