Shares of Indian Renewable Energy Development Agency Ltd. surged nearly 15% to an all-time high, riding on the back of its listing gains and tracking gains in public sector stocks.
The state-run company made its debut in the exchanges on Nov. 29 and marked a stellar closing of a premium of 87.5% over the issue price. The Rs 2,150 crore IPO was subscribed 38.80 times on its third and final day.
The government is considering granting Ireda the 'Navratna' status, according to Chairperson Pradip Kumar Das.
Ireda's stock rose as much as 14.80% during the day to Rs 73.70 apiece on the NSE. It was trading 13.01% higher at Rs 72.55 apiece compared to a 0.19% advance in the benchmark Nifty 50 as of 11.05 a.m.
It has risen over 14% since its listing on Nov. 29. The total traded volume so far in the day stood at 1.3 times its 30-day average.
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