IREDA Share Price: BUY, SELL or HOLD? PSU stock rallies after Q4 2024 results

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Updated Apr 22, 2024 | 04:16 PM IST

IREDA Share Price BUY, SELL or HOLD PSU stock rallies after Q4 2024 results (Pic: iStock/ET NOW)

IREDA Share Price, PSU Stock: Shares of state-run Indian Renewable Energy Development Agency or IREDA on Monday closed sharply higher on the back of quarterly results (Q4FY24). The PSU stock opened gap up at Rs 179 apiece, up 11.39 per cent -- also day's high.

The power sector closed at Rs 170.50 apiece with 6.29 crore equities changing hands. At present, IREDA share are trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

IREDA Q4 Result

State-owned IREDA had last week posted a 33 per cent rise in its net profit to Rs 337.37 crore for the quarter ended March 2024, aided by higher income. It had clocked Rs 253.61 crore net profit during the January-March period of the preceding 2022-23 fiscal.

The company's total income surged to Rs 1,391.63 crore in the fourth quarter of FY24 from Rs 1,036.31 crore a year ago.

IREDA Stock Strategy

Gaurang Shah, Senior Vice-President at Geojit Financial Services, said that the company has strong fundamentals. The government's focus on renewable energy is enormous.

"When the government had launched IPO, I had recommended to the viewers to subscribe. The stock has since then delivered a huge return," he said.

"However, now except IREDA, my view is to invest in other power sector stocks like Tata Power, NTPC, Power Grid for the long term," he added.

IREDA IPO

IREDA had launched its IPO in November 2023. Its shares made a strong listing debut, yielding a gain of 87.50 per cent. IREDA shares stock debuted at Rs 60 on both the NSE and the BSE, compared to the issue price of Rs 32.

IREDA is a Mini Ratna status company. Its shares made a 52-week high of Rs 215 on February 6 this year.

IREDA falls under the administrative control of Ministry of New and Renewable Energy (MNRE). It is engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.

IREDA commands a market cap of Rs 45,812.95 crore as on April 22, according to BSE website.

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