IREDA Share Price Target After Receiving ‘Navratna’ Status; Stock Hits High

On 22nd April, Shares of Indian Renewable Energy Development Agency Ltd (IREDA) rose by 12 percent after the company reported a strong performance in the Q4 results for the quarter ended in March 2024.

Ireda shares rose by over 12.50 per cent on BSE on April 29, 2024 in the first session after receiving the ‘Navratna status’ from the Department of Public Enterprises. The stock opened at Rs 186.20 in early morning trading session, increased to the day’s high of Rs 192.00, which was a 12.51 per cent rise from its previous day’s close of Rs 170.65.

The rise in the shares is seen especially after the Department of Public Enterprises (DPE) elevated the company with the ‘Navratna’ status. “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 company said in a letter to bourses on Monday.

IREDA Share Price Target

According to BSE analytics, the company’s shares traded northward by 63.07 per cent on a YTD basis. The stock gave returns of 0.50 per cent in three months.The company’s stock hiked by 6.13 per cent in a week and has climbed 21.37 per cent in a month. The 52-week range was of Rs 215.00 – Rs 49.99 on BSE. The company has a market cap of Rs 45,866.70 crore as on April 28, as per the BSE website.

Zee Business analyst has given a ‘buy’ call on IREDA stock with a share price target of Rs 178 and a stop loss at Rs 167.

How Will ‘Navratna’ Status Help IREDA?

Usually a public sector unit requires several approvals from the central government to implement its projects. But as the IREDA has received ‘Navratna’ status, now it won’t require such approvals on certain JVs and projects. It will help the company to boost their projects and save the time and efforts they had to put behind taking these lengthy approvals.

It can boost business activities with the ‘Navratna’ tag.

IREDA’s Q4 Results 2024

IREDA reported a net profit of Rs 337.38 crore for the quarter ended on March 31, 2024 up 33.03 per cent on a year-on-year (YoY) basis, said the company in an exchange filing.

Net interest income (NII) grew 35.1 per cent to Rs 481.4 crore in the Q4FY24 against Rs 356.4 crore in the corresponding quarter of FY23.