IREDA share price jumps over 10% as it attains ‘Navratna status’
Indian Renewable Energy Development Agency share price (IREDA) surged over 10% on Monday’s session after the public sector undertaking company was granted ‘Navratna status’ from the department of public enterprises. IREDA share price opened at ₹186.20 apiece on the BSE, the stock touched an intraday high of ₹191.50 and an intrday low of ₹182.05.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, the IREDA share price has seen a gap-up opening and is now sustaining above the previous key hurdle of 180. A close above 180 will trigger a strong upside in the near term, possibly towards 210, and support would be 170.
Also Read: IREDA share price: Experts see big upside in PSU stock after central government’s ‘Navratna’ accord. Should you buy?
From the standpoint of the IREDA, stock market analysts say this is a significant milestone since the government-owned business will be able to move more quickly to carry out its goals and ambitions thanks to the ‘Navratna’ classification. Government clearance will no longer be needed for several JVs in India and abroad under IREDA. According to them, this GoI agreement is a significant step forward for the business and its stock, especially in light of the robust IREDA Q4 results 2024.
A 33% rise in net profit to ₹337.37 crore was reported by the state-owned corporation for the quarter ending in March 2024, helped by greater income. According to the company’s exchange statement, its net profit for the January–March quarter of FY23 was ₹253.61 crore.
Also Read: IREDA Q4 results 2024: Net profit climbs to all-time high on 44.83% YoY growth, NPA below 1%. Top 5 takeaways
The company’s overall revenue increased from ₹1,036.31 crore to ₹1,391.63 crore in the fourth quarter of FY24. Compared to the same time last year, which saw costs of ₹747.93 crore, the period under review had expenses of ₹911.96 crore.
The firm said in a separate statement that it had reached an all-time high of ₹1,252.23 crore for annual profit after tax (PAT), up 44.83% from ₹864.62 crore in 2022–2023.
As per trendlyne data, IREDA share price has gained over 480% since its debut in November. IREDA share price made a stellar debut on the bourses. On NSE and BSE, IREDA share price was listed at ₹50 per share, 56.25% higher than the issue price of ₹32.
Also Read: BSE share price declines 17% post SEBI directions
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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Published: 29 Apr 2024, 09:32 AM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.