New Delhi: IREDA’s share price declined 6 per cent on Tuesday, July 15, 2024, in a turn that surprised investors. However, the company’s stock is likely to receive a boost from PSU company SJVN’s Rs 290 crore investment in the railway PSU company received the board of directors’ nod.
SJVN and IREDA will start a joint venture to set up a 900 MW hydroelectric power project in Nepal called the Upper Karnali Hydro-Electric Power Project. IREDA and SJVN’s participation in the project is subject to government approval.
IREDA share price target
IREDA, which is eyeing a maharatna PSU status by FY30, has received a renewed SELL rating from PhillipCapital with a share price target of Rs 130 apiece, revised from Rs 110 apiece earlier. The brokerage attributed the rally in IREDA’s share price to passive flows. IREDA’s share has a diverse holding which may lead to some more selling, said market expert Arun Kejriwal in a chat with Money9.
IREDA’s share price is expected to halve, said Kejriwal citing the brokerage view. IREDA is also eyeing a fresh share issue to raise capital pending government approval. Kejriwal suggested that investors should book profits in IREDA.
IREDA share price history
IREDA’s share price was up 13.13 per cent in the past 5 days.
The stock rose 52.90 per cent in the past month.
IREDA’s stock gained 119.16 per cent in the past 6 months.
IREDA’s share price rose 353.67 per cent in the past year.
IREDA Q1 performance
IREDA reported a 30 per cent year-on-year rise in Q1FY25 profit after tax to Rs 383.69 crore.
The company’s net NPAs declined to 0.95 per cent from 1.61 per cent during the year ago period.
IREDA’s net interest income rose 37.6 per cent to Rs 507.8 crore on a year-on-year basis.
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IREDA share price: Will the renewable energy financier PSU’s stock rebound after receiving board’s nod for a RS 290 crore investment from SJVN? Find out here. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
