IREDA 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 recently said it has achieved its highest-ever annual loan sanctions and disbursements in the just-concluded financial year 2023-24.

State-owned Indian Renewable Energy Development Agency (IREDA) said it was granted the ‘Navratna’ status by the Union government on April 26.

In an exchange filing, IREDA said that the Department of Public Enterprises (DPE) has granted the ‘Navratna status’.

IREDA, under the Ministry of New and Renewable Energy, 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.

The company on April 19 reported 33 percent jump in consolidated net profit at Rs 337 crore for the quarter ended March 31, 2024, compared to Rs 254 crore in the year-ago period. 

Adani Power, Indian Railway Finance Corporation, Power Finance Corporation and REC are the other counters that will be included in the Nifty Next 50 index.

Shares of Jio Financial Services (JFS) gained 3 percent on February 29 following inclusion in the Nifty Next 50 index. The NSE announced the change in its semi-annual review of broad market indices. The stock will enter the index on March 28, 2024.

At 9.40am, shares of JFS were quoting Rs 319.05 on the NSE, up 3.5 percent from the previous close.

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In addition to Jio Financial Services, Adani Power, Indian Railway Finance Corporation, Power Finance Corporation and REC will make it into the Nifty Next 50.

NSE in its press release also said that Adani Wilmar, Muthoot Finance, PI Industries, Procter and Gamble Health and Hygiene Care will exit from Nifty Next 50,

As per analysts at Nuvama, the acceptance ratio of the share buyback could be in the range of 4-10 percent; the buyback is likely to be completed within the next 15 days

Shares of Bajaj Auto fell around 4 percent in early trade on February 29 as they traded ex-buyback. The company’s board had approved a Rs 4,000-crore share buyback in January, the record date for which was on February 28.

At 11.18 am, shares of Bajaj Auto were trading at Rs 7,982.15 on the NSE.

The company had announced buyback 40 lakh shares, or 1.4 percent stake, at a price of Rs 10,000 per share. The floor price of the buyback sits at a premium of 18 percent to the current market price. The buyback will happen through the tender offer route.

However, given the smaller size of buyback and higher retail shares, acceptance ratio is expected to be lower. As per analysts at Nuvama, the acceptance ratio could come in the range of 4-10 percent. Those with investments of up to Rs 2 lakh are treated as retail investors.