Special campaign 4.0 launched by renewable energy ministry
The Department of Administrative Reforms and Public Grievances launched special campaign 4.0 for institutionalizing Swachhata and minimizing pendency in government offices from October 2-31.
The National Stock Exchange has revoked the inclusion of IREDA in several key indices due to the firm’s non-compliance with SEBI portfolio concentration norms.
Reacting to the development, the IREDA stock fell 3.2% to quote Rs 125.2 apiece on the NSE in the early morning trade.
Market cap of the firm fell to Rs 33,664 crore in the current session against Rs 34,766 crore in the previous session.
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The Indian Renewable Energy Development Agency (IREDA) will no longer be included in the Nifty 500, Nifty Midcap 150, Nifty Midcap 100, Nifty 200, Nifty LargeMidcap 250, Nifty MidSmallcap 400, Nifty Total Market and the Nifty500 Multicap 50:25:25 indices.
“As IREDA breached one of the requirements of SEBI Portfolio Concentration Norms for Equity Exchange Traded Funds (ETFs) and Index Funds related to impact cost, the committee has decided to revoke its earlier decision to include IREDA announced on February 28, 2024,” said the NSE in a press release.
The decision was to come into effect from March 28, however, the counters being excluded following IREDA’s entry will now remain a part of the indices.
“All other replacements announced on February 28 shall remain unchanged,” added the exchange.
IREDA was listed on November 29 last, and after the stock was listed at a 56% premium, IREDA shares have gained around 106%, more than doubling investors’ wealth.
Further, V-Guard Industries, which was excluded for making place for IREDA stock, will now remain a part of the Nifty 500, Nifty Smallcap 250, and Nifty MidSmallcap 400.
The renewable energy stock surged to its record high of Rs 215 on February 6 this year, and surged 304% till date compared to its IPO issue price of Rs 32.
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