Shares of Indian Renewable Energy Development Agency Limited (ERDA) Limited will be in focus tomorrow Thursday.
Ireda Share: Shares of Indian Renewable Energy Development Agency Limited (ERDA) Limited will be in focus tomorrow Thursday. Actually, the company has given a big information about the stock market. The company said its board has approved equity investment of up to 10 per cent in GMR Upper Karnali Hydro Power Ltd and Karnali Transmission Company Pvt Ltd to set up a 900 MW hydropower project in Nepal. The investment amount for this project involving SJVN Limited is approximately ₹290 crore.
what did the company say
Indian Renewable Energy Development Agency Ltd said in a BSE filing, “The Board Members of IREDA, in their meeting held on July 16, 2024, have approved 10% each of M/s GMR Upper Karnali Hydro Power Limited, Nepal and M/s Karnali Transmission Company Pvt. Ltd., Nepal.” “GMR and Nepal Electricity Authority, Government of Nepal are the existing shareholders of M/s GMR Upper Karnali Hydro Power Limited, Nepal,” it said.
This share of steel company increased from ₹6 to ₹63, the company is debt free
This stock will be divided into 100 pieces, there is a rush to buy, the share has increased by 270%
Shares will fall!
IREDA also plans to become a “Maharatna” PSU by the end of FY 2030. For this the company has set development targets for itself. Meanwhile, brokerage firm PhilipCapital has maintained its ‘Sell’ rating on IREDA Ltd with a revised target price of ₹130 per share. The brokerage had earlier kept a target price of ₹110 on the stock. In a recent note, PhillipCapital said that the best is already factored into the stock’s price. The brokerage firm also said that the recent rally in IREDA stock was driven by passive inflows rather than any major fundamental reason. Let us tell you that the shares of the company had fallen by more than 6% on Tuesday and closed at Rs 272.20. Today on Wednesday the market is closed on the occasion of Muharram.
