IREDA Stock Price Outlook: Experts Predict Big Upside After Strong Q1 Results 2024IREDA Stock Price Outlook: Experts Predict Big Upside After Strong Q1 Results 2024 Key Points: * IREDA’s Q1 2024 results showed a 30% YoY rise in PAT and a 32% increase in operating income. * Experts are optimistic about IREDA’s future performance and predict a sharp upward movement in its share price. * IREDA may benefit from subsidies under the PLI scheme, which could further boost its stock price. IREDA Q1 Results 2024 Review: IREDA’s Q1 2024 results, announced recently, exceeded expectations. The company reported a PAT of ₹383.69 crore, a 30% YoY increase. Revenue from operations also increased by over 32% YoY. Expert Analysis: Avinash Gorakshkar of Profitmart Securities believes that IREDA’s strong Q1 results and its early announcement of the results indicate the company’s focus on transparency and shareholder engagement. He expects the market to react positively to the results and predicts a potential rally in IREDA’s stock price. Sumeet Bagadia of Choice Broking advises investors to hold IREDA shares and set a stop loss at ₹250. He anticipates IREDA’s stock price to reach ₹350 in the near term if it breaks above ₹300 resistance. IREDA Target Price: Experts recommend a target price of ₹350 for IREDA’s stock. Investors considering buying IREDA shares should wait for the price to cross ₹300 or consider buying during a pullback to ₹265-₹260, with a stop loss at ₹250. Disclaimer: The opinions and recommendations provided are for informational purposes only and should not be considered as investment advice. Investors are advised to consult with qualified professionals before making any investment decisions.
IREDA stock price: The Indian Renewable Energy Development Agency (IREDA) has emerged as a major player in the Indian equity market and is the first PSU company to announce its promising Q1 2024 results. The company’s 30 percent YoY rise in PAT and a 32 percent increase in operating income have set a positive tone for the current earnings season, especially in the banking and financial sector. So, when Dalal Street resumes trading on Monday, the IREDA stock price is expected to remain under the radar of bulls.
Stock market experts are optimistic about IREDA’s future performance, citing the company’s robust quarterly earnings as a sign of its healthy financial and business condition. They expect IREDA to benefit from the subsidy under the Production Linked Incentive (PLI) scheme. The scheme, which Union Finance Minister Nirmala Sitharaman may announce in the upcoming Union Budget 2024, is aimed at boosting the manufacturing sector, including renewable energy companies like IREDA. The experts predict a sharp upward movement in IREDA’s share price in the near term, with a target of ₹350 per share.
IREDA Q1 results 2024 review
Reviewing the first quarter 2024 results announced by IREDA on Friday, Avinash Gorakshkar, Head of Research at Profitmart Securities, said: “IREDA has reported PAT on ₹383.69 crore against ₹294.58 crore in the corresponding period of the previous financial year, which means that the state-owned company has registered a YoY increase of around 30 per cent in PAT. Similarly, the company has registered over 32 per cent YoY revenue from operations in the June 2024 quarter. The state-owned NBFC reported a YoY increase of 386 per cent in terms of sanctioned loans.”
Gorakshkar said IREDA became India’s first banking and financial company to announce its Q1 2024 results in the current earnings season. This indicates that the company is keen on sharing its quarterly results ahead of the Union Budget 2024. He said the market is expecting subsidies for renewable energy companies under the PLI scheme in the Budget 2024. If FM Sitharaman announces this subsidy, IREDA is likely to benefit from this move, potentially leading to a sharp rise in IREDA stock price soon after the robust Q1 2024 results.
IREDA target price
Expecting more upside in IREDA share price, Sumeet Bagadia, Executive Director at Choice Broking said, “IREDA share price is looking positive on the chart pattern. The stock is facing a minor hurdle on ₹300 per share. If this limit is exceeded ₹300 resistance, IREDA stock price may soon ₹350 marks. So, those who have IREDA shares in their portfolio are advised to hold the PSU shares, with a stop loss at ₹250.”
For new investors considering IREDA stock, Bagadia advises a cautious approach. He recommends waiting until the stock is above the ₹300 or for a possible pullback from Friday’s close ₹284. If the stock price falls to about ₹265 to ₹260, this could be a ‘bottom fishing opportunity’. This term refers to the strategy of buying stocks when they are at their lowest price, expecting them to recover. Investors should keep a stop loss at ₹250 to limit potential losses.
Disclaimer: The opinions and recommendations expressed above are those of individual analysts or brokerage firms, and not of Mint. We advise investors to consult certified experts before making any investment decisions.
3.6 Crore Indians visited us in a single day and chose us as India’s undisputed platform for the general election results. Check out the latest updates here!
Topics that may interest you
