IREDA Share Price | Bullish signals in multibagger IREDA stock, brokerage bullish, first gave 270% return – NSE: IREDA
IREDA Share Price | ICICI Direct brokerage firm reports positive second quarter results of the company (NSE: IREDA) It is advised to buy the stock after. ICICI Direct brokerage firm said, 'Indian Renewable Development Agency Limited Company has made huge profits in the second quarter. (IREDA Company Excerpt)
The stock gave 270% returns since listing
ICICI Direct brokerage firm has estimated that the valuation of Indian Renewable Development Agency Limited Company will increase further due to the positive growth momentum. The shares of Indian Renewable Development Agency Limited Company were listed on the stock exchange in November 2023. Since its listing in the stock market, IREDA shares have given 270% returns. Also, the stock has given 110% returns so far in 2024. On Friday, October 18, the stock was trading at Rs 215.29, down 1.11 per cent.
target price of stock
ICICI Direct brokerage firm has given 'Buy' rating to IREDA shares. The brokerage has given a target price of Rs 280 for the share. 12 months time has been given for this. This means the stock could give a 27% return at its current price. The stock has provided multibagger returns to investors in the short term.
What did ICICI Direct brokerage firm say?
ICICI Direct brokerage firm said that Indian Renewable Development Agency Limited had a good second quarter. The AUM of IREDA Company has increased by 36 percent on year-on-year basis. Also the NII of the company has increased. Indian Renewable Development Agency Limited will also enter renewable energy and retail business to increase growth and margins. It also approved raising Rs 4,500 crore for strong future growth. The net profit of Indian Renewable Development Agency Limited increased to Rs 387.75 crore on an annual basis in the second quarter of the current financial year, from Rs 284.73 crore in the same quarter of the previous financial year. Indian Renewable Development Agency Limited Company's revenue in Q2FY25 was ₹1630.38 crore. In the same period of the previous financial year, it was Rs 1,176.96 crore. Apart from this, the interest income of Indian Renewable Development Agency Limited Company has increased from Rs 360 crore to Rs 547 crore.
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