IREDA Share Price Target (Image Source: Today Technology Market ResearchDigital)
IREDA Share Price: The Indian Renewable Energy Development Agency (IREDA) witnessed a 13 percent jump in its share price during today, April 29, 2024, early trading session. As per the experts, the surge in share price was followed by an announcement by the government of India granting the company ‘Navratna status’ on Friday, April 26, 2024.
IREDA Exchange Filing
This news was confirmed by IREDA through an exchange filing. In the filing, the company stated, “Department of Public Enterprises (DPE) vide its letter dated April 26, 2024, has granted the ‘Navratna status’ to Indian Renewable Energy Development Agency Limited (IREDA).”
IREDA Current Share Price
When the market opened today, it responded positively to this development. As a result, the share price jumped by approx 13 percent and now stands at Rs 183.8.
IREDA Share Price Target 2024
According to Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox, price action seems to climb higher levels in the upcoming sessions, at least till the support level of Rs 150 is defended. The immediate barrier is at Rs. 175, but the accumulation between Rs. 155 and Rs. 160 is expected to rise.
IREDA: Previous Share Price
In the previous trading session on Friday, the scrip had settled at Rs 170.65.
IREDA: Mcap
The surge in share price results in the company’s total market capitalization of over Rs 51,000 crore.
IREDA: IPO
IREDA conducted its Initial Public Offering (IPO) in November 2023, raising Rs 2,150.21 crore through its initial stake sale. The price band of the public offering was Rs 32 per share.
IREDA: Net Profit
Recently, IREDA reported a robust net profit of Rs 337.38 crore for the quarter ended March 31, 2024, marking a significant increase of 33.03 percent on a year-on-year (YoY) basis.
This growth is noteworthy compared to the bottom line of Rs 253.62 crore reported in the same quarter a year ago.
Furthermore, the company’s Net Interest Income (NII) witnessed a healthy growth of 35.1 percent to Rs 481.4 crore in Q4FY24, compared to Rs 356.4 crore in the corresponding quarter of FY23.
IREDA
IREDA, established in March 1987, is a ‘miniratna’ public limited government company under the administrative control of the Ministry of New and Renewable Energy (MNRE).
It offers financial assistance and other services to projects related to renewable sources of energy and energy efficiency/conservation.
