IREDA shares soared after Q1 results, investors eyed

IREDA share price: Shares of Indian Renewable Energy Development Agency (IREDA) rose on Monday, July 15, after the first quarter results of the current fiscal year 2024-25 were announced. The share price of the company rose by 8.90 percent to Rs.310 per share after the stock market opened. At 11.15 am on Monday, IREDA shares were trading at Rs 296.25 a share, down 4.68 percent to an all-time high. The eyes of market analysts and investors are fixed on the shares of this company. IREDA became the first company to generate high profits. The company has announced better-than-expected results for the first quarter of fiscal 2024-25. IREDA has become the most profitable PSU by registering a strong growth of 30 percent in consolidated net profit and 32 percent in operating revenue collection. This is the reason why the eyes of market analysts and investors are fixed on the shares of this company. IREDA's stock may cross Rs 350. According to a report by English website Live Mint, market experts have high expectations on IREDA's stock. They assess the firm's strong financial and business position from strong quarterly figures. He estimates that IRDAI will get the benefit of the subsidy from the Production Linked Incentive Scheme (PLI Scheme). Union Finance Minister Nirmala Sitharaman may announce this in the full budget tabled at the end of July. Market experts estimate that IRDAI's share price will cross Rs 350 per share very soon. IREDA posts strong first quarter profit Energy industry leader IREDA announced its first quarter results for the financial year 2024-25 last Friday, July 12, 2024. Of this, it posted a strong profit of around 30 per cent in the first quarter ended June. During this period, its revenue collection increased by around 32 percent. IREDA, which operates under the government, has paid Rs 383.69 crore after tax as against Rs 294.58 crore in the first quarter of the financial year 2023-24. That is, the company has recorded a 30 percent year-on-year increase in post-tax payouts. Also Read: HCL Tech Lottery Open For Investors, Company Announces Dividend Target Price On IREDA Shares, Share Price Chart Of IREDA, Share Price Chart Of IREDA, Share Price Chart Of IREDA, Share Of IREDA Shares Managing Director Sumeet Bhagadia said. Positively known. Its share price has touched 300 rupees per share. He said that soon a share may cross Rs 300 and reach Rs 350 per share. Investors are advised to keep IREDA shares with a stop loss of 250. Also Read: Reliance-Infosys shares to rocket this week, could set new highs for market The post IREDA shares skyrocket after Q1 results Investors' eyes appeared first on Prabhat Kabar.