IREDA clarifies on NSE’s inquiry over Nepal hydropower project: Details explained here

IREDA clarifies on NSE’s inquiry over Nepal hydropower project. Details explained here

IREDA share value: IREDA shares settled 5.71 percent higher at Rs 272.10 on Friday, stopping their sharp two-day amendment. The counter has given multibagger returns by revitalizing 160.01 percent on a year-to-date (YTD) basis.

Indian Renewable Energy Development Agency (IREDA) Ltd on Saturday gave its explanation in response of NSE’s mailed query over the new equity investment of 10% shareholding in GMR Upper Karnali Hydro Power Ltd and Karnali Transmission Organization Pvt Ltd to set up a 900 MW Hydroelectric Power Project in Nepal. The stock exchange looked for clarity on the securing boundaries.

IREDA additionally highlighted that the obtaining “is within the main line of business of the listed entity” has not been finalized.”
So, the IREDA’s share price has seen a huge increase from its first IPO(Initial public offering) cost of Rs 32. It was recorded on November 29 last year.
The state-run firm said its Profit After Tax (PAT) jumped 30% to Rs 384 crore for the June 2024 quarter (Q1 FY25) compared with Rs 295 crore in the comparing quarter of the last financial year.

During the quarter under review, income from operations grew 32% year-on-year (YoY) to Rs 1,510 crore from Rs 1,143 crore in the same quarter a year ago. IREDA said its extraordinary loan book remained at Rs 63,207 crore in Q1 against Rs 47,207 crore in the year-prior quarter, up 34%.

Brokerage Phillip Capital kept up with its ‘Sell’ rating on the stock, saying that the new convention on the counter was driven by passive flows rather than any significant fundamental reason.
“We assume the best is as of now evaluated in to the stock. We keep up with ‘SELL’ rating with modified focus of Rs 130 (Rs 110 prior),” it expressed.

For near term traders, Rajesh Palviya, Head Technical Research at Axis Securities, said the stock saw some profit booking however the pattern is still on the bullish side. “One should be convey an trade around the Rs 250 range, keeping a stop loss set at Rs 238. Until the stock holds this level, the pattern might stay positive. When it crosses Rs 265-270 levels, we can see a resumption of the convention and afterward possible positive targets will be Rs 310-320,” Palviya told .

IREDA is a ‘Navratna’ PSU under the administrative controls of the Ministry of New and Renewable Energy. As of June 2024, the government held a 75 percent stake in it.
The organization offers financial products (funds and non-fund based) related services, from project origin to post-completion, for renewable energy projects and related activities like equipment manufacturing and transmission.

 

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