Shares of the Indian Renewable Energy Development Agency (IREDA) went up by 5.5% on Monday, reaching an intraday high of Rs 212.35 on the NSE. This increase was driven by high trading activity and strong interest from investors. Around 190.22 lakh shares were traded, totaling about Rs 396 crore by 10:25 am. Currently, IREDA has a market value of Rs 56,265.67 crore, with Rs 14,081.08 crore available for trading.
In the same time frame, around 26.51 lakh IREDA shares changed hands on the BSE, adding up to Rs 55 crore in trades.
On January 9, IREDA released its earnings for the quarter ending December 2024, showing a 27% increase in net profit, which hit Rs 425.38 crore compared to Rs 335.53 crore last year. Total revenue for this quarter skyrocketed by 35.6% from Rs 1,252.85 crore to Rs 1,698.45 crore.
Compared to the previous quarter, profit increased by 10% from Rs 387.75 crore and revenue went up by 4.2% from Rs 1,629.56 crore.
Even though IREDA shares have dropped 26.5% in the last six months, they have increased by 88.4% over the last year.
According to Trendlyne data, the average target price for IREDA shares is Rs 215, suggesting a 3% rise from current prices. Overall, two analysts rate the stock as a ‘Hold.’
(Disclaimer: Experts’ opinions are their own and do not reflect the views of The Economic Times.)
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