After the return of Narendra Modi government at the Centre, energy sector shares are going to be in focus. In this context, the company related to energy sector – Indian Renewable Energy Development Agency Limited (IREDA) is also witnessing growth. Investors fell on this stock on Friday, the last trading day of the week. The stock registered a gain of 1.50% during trading. At the end of trading the share reached the level of Rs 180. However, the stock is still down ₹37 from its 52-week high of ₹214.80. The 52-week low of the stock is Rs 49.99. Let us tell you that the listing of IREDA shares took place in the month of November last year.
What do experts say
Market expert Rajesh Satpute believes that one can bet on IREDA shares. If it crosses ₹190 then the price can go up to ₹230-₹240 per share. In a conversation with CNBC Awaaz, existing investors have been advised to hold shares. Satpute’s outlook is similar to that of Prabhudas Leeladhar’s Vaishali Parekh. On May 31, Parekh said IREDA stock has strong support at ₹155. If it crosses ₹195 then shares can go up to ₹230. Let us tell you that the IPO of the company came in November last year. The issue price of this IPO was ₹32 per share.
IREDA quarterly results
IREDA’s profit for the quarter ended March 2024 increased by 33% to ₹337.4 crore compared to ₹253.6 crore a year ago. Revenue rose 35% year-on-year to ₹481 crore in the last three months of the financial year ending March 2024.
Idea of bringing FPO
Let us tell you that IREDA is planning to bring a follow-up public offering (FPO) to meet future capital needs. Recently, the company’s Chairman and Managing Director Pradeep Kumar Das has said this. IREDA’s loan disbursement increased by 15.94 percent to Rs 25,089.04 crore in the financial year 2023-24 from Rs 21,639.21 crore a year ago in 2022-23.
