PSU share price
The Indian Renewable Energy Development Agency (IREDA) has emerged as a significant player in the Indian stock market, becoming the first PSU company to announce promising Q1 results for 2024.
The company has shown a 30 percent growth in post-tax profits and a 32 percent increase in operational revenue. IREDA results have set a positive tone for the current results season, especially for the banking and financial space. So, IREDA’s share price is expected to jump higher when trading starts on Monday on Dalal Street.
It can reach Rs.350
Stock market experts are optimistic about IREDA’s future performance. The company’s strong quarterly figures are a sign of its strong financial and business position. They expect IREDA to benefit from the subsidy under the Production Linked Incentive (PLI) scheme. The scheme, which will be announced by Union Finance Minister Nirmala Sitharaman in the upcoming Union Budget 2024, is designed to promote the manufacturing sector, including renewable energy companies like IREDA. Experts predict that the price of this share may reach Rs.350 in the near future.
IREDA Q1 Results
While IREDA earned a net profit of Rs 294.58 crore in Q1 of the previous financial year (Q1 RESULTS), it has achieved a profit after tax of Rs 383.69 crore in Q1 of this year. That means the company recorded a 30 percent increase in net profit. Similarly, the company recorded over 32 percent revenue from operations in the June 2024 quarter. In the current Q1 results season… IREDA became India’s first banking and financial company to announce Q1 results.
IREDA share price target
Even though IREDA’s share price continues to rise, it will undergo some ups and downs, said Sumeet Bagadia, executive director of Choice Broking. “The stock faces a minor hurdle at the Rs.300 mark. This Rs. IREDA’s share price, which has crossed the 300 resistances, may soon touch the Rs.350 mark. Therefore, those who have IREDA shares in their portfolio should continue with a stop loss of Rs 250. Bagadia advises new investors who want to buy these shares to act cautiously. If the share price falls from Rs.265 to Rs.260, this can be called a ‘bottom fishing chance’. The term refers to the strategy of buying stocks when they are at their lowest prices in the hope that they will rebound.
Note: The above opinions, recommendations are those of individual analysts or broking companies. HT Telugu V Kavu. We advise investors to consult certified professionals before making any investment decisions.