New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) share price declined around 5 per cent on Friday after brokerage Philip Capital said the PSU stock is headed for a heavy correction and recommended ‘Selling’ of IREDA shares.
IREDA share price history
Several market experts attributed the fall in IREDA share price to the Sell call given by Philip Capital. The PSU stock has gained around 60 per cent in the last one month. IREDA stock rallied from Rs 240.53 on July 9, 2024 to Rs 310 on July 15.
IREDA shares were trading at Rs 277.80 apiece on NSE at 12:02 pm on July 16, 2024. IREDA share shad made a dream debut on November 29, 2024 by listing at 56 per cent premium over the IPO issue price of Rs 32.
IREDA share price: Expert’s opinion
Arun Mantri, Stock Market expert and Mantri Finmart founder, advised the investors to buy IREDA shares if it comes down to the level of Rs 265 apiece with a target price of Rs 320.
“IREDA has emerged as a significant outperformer as per the stock price, being the first PSU company to declare its promising Q1 results 2024. The company’s 30 percent YoY rise in PAT and a 32% rise in operational revenue have set a positive tone for the current results season, particularly in the banking and financial space. Short term traders can accumulate upto 265 for the targets of 320 levels,” the expert said.
IREDA Q1 Results
IREDA declared strong Q1 2024-25 Results on July 12, 2024. The largest Pure-Play Green Financing NBFC in the country achieved Profit After Tax of Rs 383.69 crore, marking an impressive year-on-year growth of 30.25%. The company has successfully reduced its Net Non-Performing Assets to 0.95% in the first quarter of FY 2024-25 from 1.61% in the same quarter of FY 2023-24. It recorded a decline in NPAs – 0.95% as against 1.61% (reduction by 41.01% in percentage terms). The company’s Loan Book stood at Rs 63,206.78 crore as against Rs 47,206.66 crore (up by 33.89%).
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IREDA share price declined 5 per cent on July 16, 2024 as Philip Capital recommended Sell tag for the PSU stock. IREDA stock gained around 60 per cent in the last one month. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
