On September 11, IREDA shares extended their rally, surging 5.3% to end at Rs 235 on the National Stock Exchange (NSE). This significant rise came in response to the news that IREDA Global Green Energy Finance IFSC Ltd, a wholly-owned subsidiary of IREDA Ltd, has been granted provisional registration as a finance company by the International Financial Services Centre Authority (IFSCA).

Provisional Registration and Strategic Expansion

The provisional registration of IREDA Global Green Energy Finance IFSC Ltd is a strategic move aimed at expanding IREDA’s international footprint. Located at GIFT City, this new subsidiary is poised to unlock new business opportunities in the global financial market. According to IREDA’s stock exchange filing, this development aligns with the company’s strategy to broaden its reach and enhance its presence in the international financial sector.

Pralhad Joshi, Union Minister for New and Renewable Energy, Consumer Affairs, Food, and Public Distribution, emphasized the significance of GIFT City as a hub for international financial and investment activities. He highlighted that GIFT City plays a crucial role in India’s vision of becoming a developed nation by 2047.

Recent Developments and Collaborations

In addition to this news, IREDA recently announced initial agreements with SJVN and GMR Energy for the 900MW Upper Karnali hydro-electric project in Nepal. This project aims to bolster regional energy security and harness Nepal’s vast hydropower potential. The collaboration underscores IREDA’s commitment to advancing renewable energy infrastructure and aligns with its strategic goals.

Further adding to the positive momentum, S&P Global Ratings recently assigned IREDA a ‘BBB-’ long-term and ‘A-3’ short-term issuer credit rating with a ‘Stable’ outlook. The report notes that IREDA’s rating is one notch above the starting point for financial companies in India, reflecting ongoing government support.

Stock Performance Overview

IREDA’s stock performance has been exceptional this year. The share price has increased by approximately 125% so far in 2024, significantly outperforming the Nifty’s 16% returns. Over the past 12 months, IREDA shares have skyrocketed by 292%, while the Nifty has risen by 29% during the same period.

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