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IREDA shines on inking MoU with SJVN, GMR Energy for hydroelectric project in Nepal

10 Sep 2024 Evaluate

Indian Renewable Energy Development Agency is currently trading at Rs. 233.90, up by 10.65 points or 4.77% from its previous closing of Rs. 223.25 on the BSE.

The scrip opened at Rs. 228.10 and has touched a high and low of Rs. 239.35 and Rs. 228.10 respectively. So far 3120604 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 310.00 on 15-Jul-2024 and a 52 week low of Rs. 49.99 on 29-Nov-2023.

Last one week high and low of the scrip stood at Rs. 239.35 and Rs. 220.65 respectively. The current market cap of the company is Rs. 63498.44 crore.

The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 3.12% and 21.88% respectively.

Indian Renewable Energy Development Agency (IREDA) has entered into a Memorandum of Understanding (MoU) with SJVN, GMR Energy, and their associated companies to facilitate the development of a 900 MW hydroelectric project in Nepal. The Upper Karnali Hydro-electric Project, situated in Nepal, will be the focal point of this collaboration, aimed at enhancing regional energy security by expanding renewable energy infrastructure in the region.

IREDA’s role in the MoU includes providing assistance in both the development and implementation phases of the project. The partnership is expected to have a significant impact on the renewable energy landscape, contributing to the growth of hydropower in Nepal and fostering energy cooperation between India and its neighbour.

IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: ‘Energy For Ever’.

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