IREDA stock price up by more than 6% today

29 Apr 2024 , 01:54 PM

Shares of the state-owned Indian Renewable Energy Development Agency (IREDA) jumped more than 12% to ₹192 on the BSE on Monday after the government accorded it ‘Navratna’ status.

This brings the overall number of Navratna PSEs to seventeen.

PSUs are classified as Maharatna, Navratna, or Miniratna businesses. Navratna firms are allowed to invest up to ₹1,000 Crore without previous government approval.

At around 1.47 PM, IREDA was trading 7.56% higher at ₹183.55, against the previous close of ₹170.65 on BSE. The counter touched an intraday high and low of ₹192 and ₹182.15, respectively.

IREDA is a non-banking financial institution that promotes, develops, and provides financial assistance for projects involving new and renewable energy sources, as well as energy efficiency and conservation.

In the fourth quarter of FY24, IREDA reported a net profit of ₹337.38 Crore, up 33% from ₹253.62 Crore in the previous year.

The state-run firm’s topline increased 34.3% to ₹1,391.64 Crore in Q4 FY24, compared to ₹1,036.32 Crore in the same period last year.

The non-banking financial company’s finance costs increased in pace with its sales, reaching ₹847 Crore. Loan disbursement in the quarter totaled ₹12,869.35 Crore, up around 14% from the same period previous year.

As of March 31, the company’s net non-performing assets (NPA) were 0.99%, down from 1.66% the same day last year. The company’s net interest margin was 2.85% as of March 31, compared to 2.82% the previous year.

In technical terms, the stock’s relative strength index (RSI) is at 60.2, indicating that it is not overbought or oversold. Additionally, the MACD is at 4.8, which is above its centre and signal line, indicating a bullish trend.

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