Shares of Indian Renewable Energy Development Agency (IREDA) witnessed a fall of over 3 per cent today, Friday.
- The company announced its third quarter results, reporting a net profit of Rs 425.50 crore.
- After this decline, the question for investors is what strategy should be adopted next.
Performance of IREDA shares today
- Opening price (BSE): Rs 218.35.
- Intra-day high: Rs 222.75.
- Decline: The stock fell as much as 3.4 per cent to Rs 208.50.
Increase in profit and revenue on annual basis
IREDA posts strong performance in Q3:
- 27% increase in net profit:
- Net profit in December quarter: Rs 425.50 crore.
- Same period last year: Rs 335.50 crore.
- 35.60% increase in revenue:
- December 2024 quarter: Rs 1698.45 crore.
- December 2023 quarter: Rs 1208.10 crore.
Experts’ opinion on IREDA shares
Anshul Jain (Laxmishree Investments and Securities):
“IREDA’s strong performance shows that the company is making good use of the current opportunities in the solar and renewable energy sector.
- Consistency in revenues and profits makes it a good option for long-term investors.
- “Morning rally signals buying signal for investors.”
Sumit Bagadia (Technical Analyst):
- Strong support level of Rs 200:
“IREDA shares have strong support at Rs 200.” - Target Price:
- If it crosses Rs 230 level, it can go up to Rs 260 in medium term.
Should IREDA shares be bought?
For long-term investors:
IREDA’s strong performance and the boom in the renewable energy sector make it an attractive option.
For Traders:
- The stock is showing strong support at Rs 200.
- After crossing the level of Rs 230, there is a possibility of reaching Rs 260 in the medium term.
