According to brokerage firm PhilipCapital, there could be a big fall in IREDA shares.
Ireda share: Shares of Indian Renewable Energy Development Agency Limited i.e. Ireda have been in focus for the last several trading days. Shares of IRDAI rose over 9% on Monday and reached a record high of Rs 310. The reason behind this rise in the company’s shares are the results of the June quarter. Actually, the company has released the June quarter results on July 12. In the June quarter of the current financial year, IREDA’s net profit has increased by more than 30 percent to Rs 383.69 crore. However, according to brokerage firm PhilipCapital, there could be a big fall in IREDA shares.
What is the brokerage’s opinion?
Brokerage firm PhillipCapital has maintained its ‘sell’ recommendation on IREDA Ltd. The brokerage firm has given a sell rating on the stock with a revised revised target price of ₹130. Earlier the brokerage had kept a target price of ₹110 on the stock. Let us tell you that according to the brokerage, the share can fall by 58% from the current intraday high of ₹ 310. PhillipCapital said the recent rally in IREDA stock is driven by passive inflows rather than any major fundamental reason. The brokerage expects net interest margins to come under pressure.
Stormy rise in ₹2 shares, rush to buy, company made big announcement
What are the quarterly results?
The company said in a statement last Friday that it had made a net profit of Rs 294.58 crore in the same quarter a year ago. IREDA’s operating income increased to Rs 1,501.71 crore in the April-June quarter from Rs 1,143.50 crore in the same quarter a year ago. IREDA, the country’s leading non-banking finance company (NBFC) in green financing, said it has set a new benchmark for the industry by publishing its audited financial results within just 12 days of quarter end. The non-performing assets of the company declined to 0.95 percent in the first quarter of the financial year 2024-25. In the same quarter a year ago it was 1.61 percent. The company’s net worth increased by 44.83 percent to Rs 9,110.19 crore in the quarter ended June 30, 2024, from Rs 6,290.40 crore in the same quarter a year ago.
Investors pounced on this energy share worth Rs 2, converted Rs 1 lakh into Rs 9 crore.
condition of shares
The stock has gained 185% so far in 2024 and at current levels, IREDA’s market cap crossed ₹80,000 crore. Let us tell you that the shares of the company were listed last year. Its IPO price was fixed at Rs 32. That means currently this share has increased by 868% compared to its IPO price.
