₹161.75 Govt Renewable Energy Share: Upper Circuit After Q3 Result; ₹300 Target

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NSE: IREDA – Indian Renewable Energy Development Agency Limited Share Price 33.46% jump in last 5 days, IREDA has announced results for the third quarter ended December 31, 2023 (Q3FY24), after result share flying rockets.

IREDA has reported a 67.14% rise in net profit at Rs 335.54 crore for the quarter ended December 31, 2023, as compared to Rs 200.75 crore for the same quarter in the previous year.

Total income of the IREDA increased by 44.22% at Rs 1253.20 crore for Q3FY24.

Indian Renewable Energy Development Agency is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE).

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The top Brokerage company has a set IREDA share price target at 300rs for a few future months.

Indian Renewable Energy Development Agency Limited Share Price

Indian Renewable Energy – Quarterly Result

In the quarter ending December 2023, sales for Indian Renewable Energy amounted to Rs. 12,528.52 million, reflecting a significant increase of 44.23% compared to Rs. 8,686.67 million. The profit after tax for the same quarter experienced substantial growth, rising by 67.14% to reach Rs. 3,355.38 million from Rs. 2,007.47 million. Additionally, the operating profit demonstrated robust expansion, reaching Rs. 11,543.17 million compared to Rs. 7,643.36 million in the quarter ending December 2023.

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IREDA Share Price History after IPO

IREDA shares that this government company reached Rs 156.25 on January 23. This stock has increased by more than 53 percent in a month. The 52-week low level of the company’s shares is Rs 49.99.

On November 29, 2023, IREDA shares listed on the BSE at Rs. 50, marking a premium of 56.25% over the IPO issue price of Rs. 32. The subsequent price history of IREDA shares reveals fluctuations:

  • November 30, 2023: The stock closed at Rs. 65.30 with an opening price of Rs. 64.30, reaching a high of Rs. 68.90 and a low of Rs. 60.55. The trading volume was 391,471,914, and the change percentage was 8.83%.
  • December 1, 2023: The closing price was Rs. 62.75, opening at Rs. 67.00, reaching a high of Rs. 68.40, and a low of Rs. 62.30. The trading volume stood at 144,125,388, with a change percentage of -3.91%.
  • January 19, 2024: The stock closed at Rs. 135.35, opening at Rs. 124.20, reaching a high of Rs. 135.35, and a low of Rs. 123.70. The trading volume recorded was 111,113,228, and the change percentage was 10.00%.
  • January 20, 2024: Closing at Rs. 148.85, the stock opened at Rs. 141.00, reached a high of Rs. 148.85, and a low of Rs. 141.00. The trading volume amounted to 64,465,781, with a change percentage of 9.97%.
  • January 23, 2024: The stock closed at Rs. 154.05, opened at Rs. 156.25, reached a high of Rs. 156.25, and a low of Rs. 144.10. The trading volume was 120,793,026, and the change percentage stood at 3.49%.

About IREDA Company

IREDA stands out as one of the top five non-banking financial companies (NBFCs) specializing in power sector financing, with a particular focus on renewable energy.

Notably, IREDA made history as the first company in India to introduce green masala bonds. Moreover, it holds the distinction of being the primary credit provider for sectors related to renewable energy, surpassing conventional energy.

As a state-owned enterprise overseen by the Ministry of New and Renewable Energy (MNRE), IREDA takes the lead in introducing innovative approaches to fund diverse renewable energy projects, as well as initiatives promoting conservation and energy efficiency.

Distinguished as India’s inaugural dedicated non-banking green financing company, IREDA’s loan portfolios extend across various sectors, encompassing solar power, wind power, biomass power, hydropower generation, and more.

IREDA Strength

The company has demonstrated strong growth in operating income over the last three years, with a notable compound annual growth rate (CAGR) of 13.72%.

The promoters maintain a substantial shareholding of 75%

Conclusion

This article serves as a comprehensive guide to the Indian Renewable Energy Development Agency Limited Share Price 33.46% jump in the last 5 days. The information and forecasts are derived from our analysis, research, company fundamentals, historical data, experiences, and various technical analyses. The article delves into the share’s prospects and growth potential in detail. Feel free to comment below if you have any further queries. We are more than happy to address all your questions. If you find this information helpful, consider sharing the article with as many people as possible.

Disclaimer:

Dear readers, please be advised that we are not authorized by SEBI (Securities and Exchange Board of India). The information provided on this site is solely for informational and educational purposes and should not be construed as financial advice or stock recommendations. Additionally, share price predictions are intended for reference purposes only and are valid only under positive market conditions.

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