IREDA Stock Price: 32 rupees stock gave 148 rupees in 2 months, it is a share of a government company, now is the time to buy?

 Stock Market: In the last few months, the stocks of government companies (Share Market) are showing a fast pace.  Market experts say more momentum may be seen in state-owned companies ahead of the budget.  One such company gave 365 percent return in 2 months.  Know the name of this stock.

Know the stock name of this government company

 The stock of IREDA, a government-owned NBFC company linked to the renewable energy sector, has given its investors a multibagger return of 365 per cent in just two months of its listing on the stock exchange. IREDA came up with an IPO in November 2023 at an issue price of Rs 32 and the stock was listed on the stock exchange on 29 November. But IREDA shares closed at Rs 148.85 on Saturday, January 20, 2024, a premium of Rs 117 over its IPO.

The stock rose 365 percent after listing

 If we look at IREDA's stock movement over two months, the stock has jumped 45 percent in 2024 itself. Where the stock has increased by 34 percent in a week and shares have increased by 42 percent in a month. And the stock is up 365 percent since the listing date.

Benefited from Prime Minister's announcement

 After Ram Lalla's death in Ayodhya, Prime Minister Narendra Modi announced that his government would launch the Pradhan Mantri Suryodaya Yojana with a target of installing rooftop solar panels in 1 crore homes. He posted on the social media platform, "My resolve has become stronger on the occasion of the auspicious occasion in Ayodhya."

In the coming days Indians should have their own solar roof top systems on their roofs. After returning from Ayodhya, I first decided that our government would launch the Pradhan Mantri Suryodaya Yojana with a target of installing rooftop solar in 1 crore homes. This will not only reduce the electricity bills of the poor and middle class, but also make India self-sufficient in energy.

Solar rooftops will be installed in 1 crore houses

 Recently, IREDA created a retail division to provide loans to PM-KUSUM scheme, rooftop solar and other B2C sectors. IREDA's Retail Division has sanctioned a loan of Rs 58 crore under the Kusum-B scheme. IREDA is expected to benefit from the Modi government's plan to install rooftop solar on 1 crore homes.

What does IREDA result say?

 IREDA (Indian Renewable Energy Development Agency) IPO opens from 21 to 23 November 2023. The company raised Rs 2150.21 crore from the market at an issue price of Rs 32 per share Investors who got IREDA shares in the IPO got huge returns on their investment.

IREDA's market cap has crossed Rs 40,000 crore. IREDA also announced excellent results in the third quarter. Revenue in the third quarter was Rs 1253.20 crore as against Rs 869 crore in the same quarter last year. Thus, the profit was Rs 335.54 crore, a jump of 67 percent.