IREDA share price jumps over 10% as it attains ‘Navratna status’ – EQ
In Short – IREDA’s share price surges by over 10% following its attainment of ‘Navratna status’. This significant milestone reflects investor optimism and confidence in the company’s enhanced capabilities and potential for growth. The Navratna status brings added prestige and opportunities for IREDA, positioning it as a key player in India’s energy and infrastructure sectors.
In Details – IREDA share price surged over 10% as it was granted ‘Navratna status’ by the department of public enterprises, allowing the company to operate more independently and efficiently. Stock market analysts view this as a significant milestone for IREDA 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. 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.
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.
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
