IREDA share price jumps over 10% as it attains 'Navratna status'
₹186.20 apiece on the BSE, the stock touched an intraday high of ₹191.50 and an intrday low of ₹182.05. According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, the IREDA share price has seen a gap-up opening and is now sustaining above the previous key hurdle of 180. A close above 180 will trigger a strong upside in the near term, possibly towards 210, and support would be 170.
From the standpoint of the IREDA, stock market analysts say this is a significant milestone since the government-owned business will be able to move more quickly to carry out its goals and ambitions thanks to the 'Navratna' classification. Government clearance will no longer be needed for several JVs in India and abroad under IREDA. According to them, this GoI agreement is a significant step forward for the business and its stock, especially in light of the robust IREDA Q4 results 2024.
A 33% rise in net profit to ₹337.37 crore was reported by the state-owned corporation for the quarter ending in March 2024, helped by greater income. According to the company's exchange statement, its net profit for the January–March quarter of FY23 was ₹253.61 crore. The company's overall revenue increased from ₹1,036.31 crore to ₹1,391.63 crore in the fourth quarter of FY24.
Compared to the same time last year, which saw costs of ₹747.93 crore, the period under review had expenses of ₹911.96 crore. The firm said in a separate statement that it had reached an all-time high of ₹1,252.23 crore for annual profit after tax (PAT), up 44.83% from ₹864.62 crore in 2022–2023. (more to come)Milestone Alert!
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