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New Delhi: Shares of <keyword id="20594556" type="General" weightage="20" keywordseo="Indian-Renewable-Energy-Development-Agency-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Renewable Energy Development Agency Ltd" meta.hostid="261" meta.entityid="Indian Renewable Energy Development Agency Ltd">Indian Renewable Energy Development Agency Ltd</keyword> (IREDA) on Thursday surged over 10 per cent on the bourses after the company said its board will consider a proposal to raise up to Rs 4,500 crore through issuance of shares. The <keyword id="19976022" type="General" weightage="20" keywordseo="stock" source="keywords">stock</keyword> of IREDA jumped 10.19 per cent to trade at Rs 263.30 apiece on the NSE. On the BSE, it rallied 10.07 per cent to Rs 262.95. In the intraday trade, shares of IREDA advanced more than 11 per cent to hit a high of Rs 265.75 and 265.70 apiece on the BSE and NSE, respectively. The 30-share BSE Sensex rallied 242.61 points or 0.30 per cent to 81,147.91 points, while NSE Nifty jumped 74.95 points to 24,845.15. The Indian <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">Renewable Energy</keyword> Development Agency Ltd (IREDA) on Wednesday said its board will consider a proposal to raise up to Rs 4,500 crore through issuance of shares in its meeting on August 29. The funds would be raised in one or more tranches through Further Public Offer (FPO) / Qualified Institutional Placement (QIP) / Rights Issue / Preferential Issue or any other permitted mode or combination, subject to the statutory or government approval, the company said in a regulatory filing. IREDA, under the Ministry of New &amp; Renewable Energy, is engaged in providing finance to mainly renewable energy projects. The fundraising assumes significance as India has an ambitious target of having 500 GW renewable energy by 2030 and needs to add about 50 GW capacity per annum to achieve the goal.

IREDA shares surge over 10 percent on Rs 4,500 crore fundraising plan

New Delhi, State-owned <keyword id="19960579" type="General" weightage="20" keywordseo="ireda" source="keywords">IREDA</keyword> on Saturday posted a 67 per cent rise in net profit to Rs 335.54 crore for the quarter ended in December 2023, bolstered by higher income. It had clocked Rs 200.75 crore net profit during the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing. The company's total income surged to Rs 1,253.19 crore in the third quarter of FY24 from Rs 868.97 crore a year ago. Its expenses were Rs 867.05 crore in the period under review, as against Rs 634.27 crore in the year-ago period. The equity shares of the company were listed on BSE and <keyword id="19938957" type="General" weightage="20" keywordseo="national-stock-exchange" source="keywords">National Stock Exchange</keyword> on November 29, 2023. In a separate statement, <keyword id="20269116" type="General" weightage="20" keywordseo="ireda-cmd-pradip" source="keywords">IREDA CMD Pradip</keyword> <keyword id="19960580" type="General" weightage="20" keywordseo="kumar-das" source="keywords">Kumar Das</keyword> said, "For investors and stakeholders, these results signal the promising trajectory of IREDA's contributions to India's energy transition and environmental sustainability." The company's loan book was at Rs 50,579.67 crore, up 33.50 per cent from Rs 37,887.69 crore in the same quarter a year ago. IREDA's net-worth also rose by 45.49 per cent to Rs 8,134.56 crore from Rs 5,591 crore in the year-ago period. IREDA, under the <keyword id="19904690" type="General" weightage="20" keywordseo="ministry-of-new-and-renewable-energy" source="keywords">Ministry of New and Renewable Energy</keyword>, is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable sources of energy and energy efficiency/conservation.

IREDA's Q3 profit zooms 67% to Rs 335 crore; loan book at Rs 50k cr

Sourcing energy for the myriad power needs of a humongous country of more than 1.2 billion people (accounting for more than 17 % of the world’s population) has been a key part of Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s recent visits to foreign countries. 
 Soon after assuming power, Modi visited <keyword id="6356598" type="COUNTRY" weightage="20" keywordseo="Bhutan">Bhutan</keyword> where he pushed for speeding up hydroelectric plants under construction (three projects totalling 3,000 MW are underway and will be operational within three years) with <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian government</keyword> funding. This was followed by a visit to <keyword id="12266" type="COUNTRY" weightage="20" keywordseo="Nepal">Nepal</keyword> where Modi inked a pact build a $1.04-billion 900 MW hydroelectric plant that will start producing energy by 2020 and export three-quarters of its output to India. Later, during his US visit, Modi facilitated the signing of a $1-billion loan agreement between the US Ex-Im Bank and India’s renewable energy agency, <keyword id="391336" type="ORGANIZATION" weightage="20" keywordseo="IREDA">IREDA</keyword>, which will fund sourcing of US equipment for solar projects in India. This was followed by an agreement with Australia to expedite approvals for investment in key mining projects and arrangements to implement the civil nuclear agreement signed in September that will try to make sure the supply of Australian uranium for India’s nuclear energy programme. 
 All these efforts point to one concern: if India has to leapfrog to emerge as one of the top economic powers in the world, it should first stand on its feet in terms of power supply. This is where the Modi regime’s focus on renewable energy comes into play. In an effort to reduce the dependence on coal, the <keyword id="6360789" type="ORGANIZATION" weightage="20" keywordseo="Modi-Government">Modi government</keyword> plans to more than double the share of renewables such as solar and wind in the mix of fuels the country consumes. and expects the share of renewables to account for 15 % of India’s energy supply (up from 6% currently) in five years during which it will try to attract more than $100 billion of investment for the industry. One must note, this compared with the coal sector that currently caters to 60 per cent of the country’s electricity requirement—the reason why India ranks fourth behind China, the US and the EU in global greenhouse gas emissions. 
 
Also, faltering railroad projects, rising transport costs and ineffective production have contributed to driving up the country's reliance on imported coal from Indonesia and South Africa. In fact, the country's coal import dependency surged from zero in 1990 to nearly 23% in 2012. 
 After assuming power in May, the Modi government announced its aims to develop an adequate amount of <keyword id="70990" type="UNKNOWN" weightage="20" keywordseo="Solar-power">solar power</keyword> by 2019 to run at least one light bulb in every home in the country as the demand of energy is projected to double over 20 years. 
 According to <keyword id="1005434" type="POSITION" weightage="20" keywordseo="power-and-energy-minister">power and energy minister</keyword>, Piyush Goyal, the government plans to go “far beyond’’ the previous UPA government’s target of installing 20,000 megawatts of <keyword id="6357019" type="UNKNOWN" weightage="20" keywordseo="solar-energy">solar energy</keyword> capacity by 2022 and add about half of India's current total installed capacity (10,000 megawatts of capacity to the sector every year). 
 
However, even with a significant boost in renewable energy, the country may find it difficult to reduce dependence on coal. 
 
Concerns about the risks to migratory birds including flamingos that winter at the wetlands nearby have proved to be a bottleneck in going ahead with plans for a 4,000-megawatt project in the midst of the Thar Desert, the world's largest solar power plant. 
 
While the first Budget presented by finance minister Arun Jaitley talked a lot about renewable energy, it increased funding to alternative sources of energy by just 25% compared to the allocation made by the previous UPA regime, which is abysmally low according to a section of analysts who say the country needs a 10-fold increase in investment in reviewable energy. 
 
Also, even if one assumes that the government will hit the target in terms to production of renewable energy, it would require huge extra investment in power stations and power lines for power distribution. 
 As such Modi’s government may have to tweak its policy of depending on mega <keyword id="188239" type="UNKNOWN" weightage="20" keywordseo="alternative-energy">alternative energy</keyword> projects and unleash innovation by incorporating a clutch of smaller but smarter ways of augmenting capacity. For instance, setting up photovoltaic panels on millions of residential rooftops. 
Image: thinkstock

Modi’s Energy Policy: Why Tapping Into Alternative Energy Sources Is Critical

Both market indices (<keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> and <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword>) opened flat, albeit in green. As of 10:00 am, Sensex had breached the 80,000 mark and up by 0.46% while Nifty inched up by 0.44% to trade at 24,392.25 points. <keyword id="19906967" type="General" weightage="20" keywordseo="Tata-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Motors" meta.hostid="261" meta.entityid="Tata Motors">Tata Motors</keyword>, ICICI Bank, Infosys, Hindalco, and HCL Tech took the lead in the early morning trade, while HDFC Bank, Cipla, Dr. Reddy, Adani Entertainment, and Eicher Motors were among the laggards. As for broad market indices, all of them except India <keyword id="315980" type="General" weightage="20" keywordseo="VIX" source="Orion">VIX</keyword>, which was down by 1.51%, opened in green. Amidst sectoral indices, <keyword id="19936673" type="General" weightage="20" keywordseo="media" source="keywords">media</keyword> (down by 0.17%) and healthcare (down by 0.09%) opened in red, while <keyword id="6354185" type="General" weightage="20" keywordseo="IT" source="Orion">IT</keyword> took a significant lead of over 1% in early morning trade. Banknifty inched up marginally by 0.14% during the early trade. As per Mr. Aditya Gaggar, Director of Progressive Shares, "banking counters-led rally propelled the index to end the session at a fresh high of 24,287. An early indication from the <keyword id="17430379" type="General" weightage="20" keywordseo="GIFT-Nifty" source="Orion">GIFT Nifty</keyword> suggests a strong start for Indian equities. Among the sectors, the PSU segment regained momentum (BHEL, IREDA, GPPL, and HUDCO). "From the <keyword id="34523" type="General" weightage="20" keywordseo="FMCG" source="Orion">FMCG</keyword> segment, Tata Consumer looks strong. In the oil and gas space, Castrol Ltd has given a major breakout, but considering a strong upmove, buying on dips will be an ideal strategy. Some metal counters are on the verge of a strong breakout, while selective buying is likely to persist in the pharma space. Once again, agro/specialty counters have shown strong momentum, and we believe it will continue further," he elaborated. Sameet Chavan, Head Research, Technical, and Derivatives, Angel One, notes that the market is clearly in a bullish phase, even with extended parameters. The thematic movers are certainly adding appeal to the market. From a technical standpoint, it is very challenging to determine resilience, especially when the undertone is highly robust. Still, with the prevailing overbought parameters, it is advisable to maintain proper risk management and keep booking profits at regular intervals. On the lower end, 24,100–24,000 withholds an intermediate cushion, and a decisive breach below the same could only trigger some further cool-off in the benchmark. "Looking ahead, we maintain a positive outlook on the market's undertone. However, we advise caution and not to be swayed by daily developments. The potential for thematic moves is clear, and it's these opportunities that can lead to significant outperformance for traders," he cautions. Even Shrikant Chouhan, Head of Equity Research, Kotak Securities, believes that the uptrend is likely to continue. " Above 24.200/79,600, the market may rise to 24.400–24,500/80,200–80,500. However, below 24,200/79,600, its structure may change and fall to the next support zone, 24,000/79,000 levels", he notes. As for gold, its prices surged over 1% to a near two-week high on Wednesday, spurred by growing expectations of a September interest rate cut by the Federal Reserve. This sentiment was largely fueled by recent U.S. data indicating a softening labor market, with a rise in first-time unemployment applications and jobless rolls reaching a 2-1/2 year high. The yellow metal is expected to remain buoyant in near future.

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IREDA shares surge over 10 percent on Rs 4,500 crore fundraising plan

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IREDA's Q3 profit zooms 67% to Rs 335 crore; loan book at Rs 50k cr

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Modi’s Energy Policy: Why Tapping Into Alternative Energy Sources Is Critical

Preetam Kaushik

Stock market today: Sensex crosses 80k, IT takes early lead

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