Indian Renewable Energy Development Agency (IREDA) shares rallied nearly 7% on Monday, November 9, amid strong buying interest and high trading volumes. IREDA share price opened at ₹111.62 apiece on the NSE, against their previous close of ₹111.46, and climbed to an intraday high of ₹119.58, marking a gain of around 7.3% from the previous closing price.
The stock witnessed significant trading activity, with more than 3 crore shares changing hands by around 1:30 pm, indicating strong investor participation. The rally comes despite IREDA shares remaining under pressure over the longer term, having declined around 20% in the past year.
The buying interest comes after the company's September-quarter results, which showed a sharp sequential improvement in profitability. Investors are also tracking the company's lending growth, asset quality and financing opportunities in India's renewable energy sector.
IREDA reported almost flat net profit for the September quarter of FY27, while operating profit registered stronger growth and asset quality improved sequentially.
The state-owned renewable energy lender posted a net profit of ₹552 crore, marginally higher by 0.5% compared with ₹549 crore in the year-ago period. Meanwhile, operating profit increased 16.5% year-on-year to ₹904 crore, against ₹776 crore reported in the corresponding quarter of the previous financial yea.