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Illustration: Ajay Mohanty
Shares of state owned Indian Renewable Power Growth Company (IREDA) soared as much as 7.7 per cent at Rs 199.35 per share on the BSE in Wednesday’s intraday commerce. The inventory worth is buying and selling close to its 52-week excessive of Rs 215, touched on February 02, 2024. The inventory had hit a 52-week low of Rs 49.99 on November 11, 2023.
One other public sector endeavor Housing & City Growth Company (Hudco) additionally noticed its share rising by 4.7 per cent at Rs 288.15 per share in intraday commerce on the BSE.
In line with studies, the constructive momentum within the inventory costs of those firms got here after a authorities official disclosed that the central authorities is planning to doubtlessly embrace these entities beneath Part 54EC of the Earnings Tax Act within the upcoming union funds.
Reportedly, this transfer would exempt traders buying their bonds from capital good points tax, thereby enhancing the attractiveness of those bonds regardless of their decrease rates of interest in comparison with the broader bond market.
The strategic transfer additionally underscores the federal government’s dedication to incentivizing investments in sectors essential for sustainable improvement and financial progress.
IREDA and HUDCO, just lately designated as Navratna firms by the federal government, have been requested to furnish further info to facilitate their inclusion beneath Part 54EC, the report mentioned.
IREDA, working beneath the Ministry of New and Renewable Power, funds tasks associated to new and renewable sources of vitality, in addition to vitality effectivity and conservation initiatives. Alternatively, Hudco is engaged in offering housing finance and infrastructure challenge finance.
At 01:16 PM; IREDA’s shares have been buying and selling 7.22 per cent larger at Rs 198.35 per share, whereas Hudco was up by 3.56 per cent at Rs 284.80 per share on the BSE. By comparability the BSE Sensex was up by 0.59 per cent at 78,511 ranges.
First Revealed: Jun 26 2024 | 1:30 PM IST
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