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IREDA shares soar over 12% post attainment of Navratna status

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Shares of the state-owned Indian Renewable Energy Development Agency (IREDA) soared over 12% to Rs 192 on BSE in Monday’s trade after the government granted it the ‘Navratna’ status.

This takes the total number of Navratna PSEs to 17.

PSUs are given a status from Maharatna companies, Navratna companies, and Miniratna companies. Navratna companies can invest up to Rs 1,000 crore without prior government approval.

IREDA is a Non-Banking Financial Institution engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.

Also Read: BSE shares tumble 19% on regulatory setback; Jefferies downgrades to holdAt 11:47 am, the scrip was trading 7.8% higher at Rs 184 on BSE. Meanwhile, on a year-to-date basis, the stock has risen over 75%.In Q4 of FY24, IREDA reported a net profit of Rs 337.38 crore, up 33% from Rs 253.62 crore in the year-ago period.The state-run firm’s topline jumped 34.3% to Rs 1,391.64 crore in Q4 FY24 as against Rs 1,036.32 crore in the corresponding period last year.

The finance cost of the non-banking financial company rose in tandem with the revenue to Rs 847 crore. Loan disbursement in the quarter was Rs 12,869.35 crore up around 14% from the corresponding period last year.

The company’s net non-performing assets (NPA) narrowed to 0.99% as of March 31 from 1.66% on the corresponding day a year ago. The Net interest margin of the company as of March 31 was 2.85% as against 2.82% from a year ago.

Outstanding loan book at the end of the year stood at Rs 59,698 crore, up 27% on year.

In technical terms, the relative strength index (RSI) of the stock is currently at 60.2, signaling it’s neither trading in the overbought nor in the oversold territory. Additionally, the MACD is at 4.8, which is above its center and signal line, this is a bullish indicator.

MCX stock stood higher than the 5-day, 10-day, 20-day, 30-day, 50-day, and 100-day simple moving averages (SMAs).

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

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Sromplexport offers international trade services, including product sourcing, quality control, logistics, and customs clearance. Our ethical and transparent approach simplifies the import/export process for clients in various industries.