IREDA's Q1 results show profit and revenue growth, leading to record high share price.

From India Today: 2024-07-15 02:10:23

The Indian Renewable Energy Development Agency (IREDA) impresses investors with a 30% year-on-year increase in profit after tax (PAT) and a 32% rise in operational revenue in Q1 2024, setting a positive tone for the financial sector.

IREDA shares hit a record high of Rs 310 on the Bombay Stock Exchange, up 4.25% at Rs 296.75, signaling high demand post robust quarterly results.

Experts anticipate IREDA’s strong performance to benefit from the potential Production Linked Incentive (PLI) scheme in the upcoming Union Budget 2024, potentially driving share price to Rs 350.

Market analysts remain bullish on IREDA, with predictions of significant price increase and advise existing shareholders to hold with a stop loss at Rs 250.

Choice Broking Executive Director suggests a cautious approach for new investors, advising to wait for a breakout above Rs 300 or a drop to Rs 265-260 for a “bottom fishing opportunity” while maintaining a stop loss at Rs 250.



Read more at India Today: IREDA shares hit all-time high after Q1 results. Should you buy, hold or sell?