IREDA Share Price Observations HUGE Leap, Increase 13 PC: SHOULD I BUY, SELL, OR HOLD? Verify the target share price
IREDA Share Price: During today’s early trading session on April 29, 2024, the share price of the Indian Renewable Energy Development Agency (IREDA) increased by 13 percent. Experts say that the announcement by the Indian government that the firm had been awarded ‘Navratna status’ on Friday, April 26, 2024, coincided with the spike in share price.
Exchange Documentation for IREDA
IREDA verified this information via an exchange filing. In its filing, the business said, “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).”
The current share price of IREDA
The market reacted well to this news when it opened today. The outcome was a roughly 13% increase in share price, which is now at Rs 183.8.
2024 Share Price Target for IREDA
Avdhut Bagkar, a technical analyst and derivatives analyst at StoxBox, believes that price action will likely rise further in the next sessions, at least till the Rs 150 support level is held. The current barrier is at Rs. 175; nevertheless, it is anticipated that the accumulation between Rs. 155 and Rs. 160 will increase.
IREDA: Historical Stock Price
The share closed at Rs 170.65 during Friday’s last trading session.
IREDA: Mcap
The company’s market valuation has increased to more than Rs 51,000 crore as a consequence of the share price jump.
IREDA: Initial Public Offering
In November 2023, IREDA had its First Public Offering (IPO), generating Rs 2,150.21 crore from the sale of its first share. The public offering’s price range was Rs 32 per share.
IREDA: After-Tax Income
IREDA has revealed a strong net profit of Rs 337.38 crore for the quarter that concluded on March 31, 2024, indicating a noteworthy YoY growth of 33.03 percent.
When compared to the earnings of Rs 253.62 crore recorded during the same quarter last year, this gain is significant.
In addition, net interest income (NII) for the firm increased by a robust 35.1% to Rs 481.4 crore in Q4 FY24 from Rs 356.4 crore in the same quarter in FY23.
IREDA: A’miniratna’ public limited government business, IREDA was founded in March 1987 and is managed administratively by the Ministry of New and Renewable Energy (MNRE).
It provides funding as well as other services for initiatives pertaining to energy conservation, efficiency, and renewable energy sources.
