Shares of the Indian Renewable Energy Development Agency (IREDA) surged by 11% on Monday, 29 April, after the state-run financier was named a “Navratna” by the Department of Public Enterprise. 

With this, IREDA became the 17th Navratna firm in India. A Department of Public Enterprises notification from October 2023 named sixteen Indian “Navratna” enterprises. RITES, IRCON, NMDC, and RCF are a few of the companies that have received the Navratna status. 

IREDA can now invest up to Rs 1,000 crore without federal government authorization because it is a “Navratna” firm. As long as it stays under Rs 1,000 crore, it will also be permitted to invest up to 30% of its net value each year.

After rising on Monday, IREDA’s shares have seen their gains for 2024 swell to more than 80%. This is the first complete calendar year for the company since it went public in November of last year. The stock has moved nearer to its previous record high of ₹214 following its latest gain on Monday.

IREDA’s maiden public offering saw its shares listed for sale at ₹32. In 50 trading sessions, the stock rose to an all-time high of ₹214, dropped to below ₹100, and then recovered.

IREDA’s assets under management (AUM) increased 26.8% to Rs 59,698 crore in the March quarter compared to the same time last year. The AUM increase was 18% in the December quarter compared to the current one.

At 12:43 pm, the shares of IREDA were trading 7.94% higher at Rs 184.20 on NSE.