IREDA shares up 12% after 'Navratna' status, stock up 5x from IPO price

IREDA share price today: The shares opened at ₹186.20 apiece on the BSE and went on to touch an intraday high of ₹191.50.

Published on: Apr 29, 2024, 11:15:07 IST

By HT News Desk

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IREDA share price today: The share price of Indian Renewable Energy Development Agency (IREDA) rose over 10% today (April 29) after the PSU company was granted ‘Navratna status' from the department of public enterprises. The shares opened at ₹186.20 apiece on the BSE and went on to touch an intraday high of ₹191.50.

IREDA share price today: IREDA share price opened at ₹186.20 apiece on the BSE on April 29.

What ‘Navratna status' means for IREDA?

Following the ‘Navratna status’, the government-owned business will be able to move more quickly to carry out its goals and ambitions. Also, government clearance will no longer be needed for several JVs in India and abroad under IREDA. The status comes after IREDA reported robust Q4 results.

IREDA Q4 results

IREDA reported a 33% rise in net profit to ₹337.37 crore for the quarter ending in March 2024 which was flanked by greater income. Its net profit for the January–March quarter of FY23 was ₹253.61 crore and the overall revenue increased from ₹1,036.31 crore to ₹1,391.63 crore in the fourth quarter of FY24.

In the same period last year, IREDA saw costs of ₹747.93 crore while the period under review had expenses of ₹911.96 crore.

Read more: Maruti Suzuki share price rises over 2% after Q4 results: What you should know

IREDA reached an all-time high of ₹1,252.23 crore for annual profit after tax (PAT) which was up 44.83% from ₹864.62 crore in 2022–2023.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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IREDA shares up 12% after 'Navratna' status, stock up 5x from IPO price

IREDA share price today: The shares opened at ₹186.20 apiece on the BSE and went on to touch an intraday high of ₹191.50.

Read more: BSE shares decline 18% today, see largest single-day drop on SEBI directions

What ‘Navratna status' means for IREDA?

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IREDA Q4 results

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