Government Accords 'Navratna' Status to IREDA
The shares opened at Rs186.20 apiece on the BSE and went on to touch an intraday high of Rs191.50.
The share price of the Indian Renewable Energy Development Agency (IREDA) surged over 10% after the PSU company was granted ‘Navratna status' from the Department of Public Enterprises.
The shares opened at Rs186.20 apiece on the BSE and went on to touch an intraday high of Rs191.50.
After the entity has gained ‘Navratna status’, the government-owned business will be able to move more quickly to carry out its goals and ambitions. Also, government clearance will no longer be needed for several JVs in India and abroad under IREDA. The status comes after IREDA reported robust Q4 results.
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IREDA reported a 33% rise in net profit to ?337.37 crore for the quarter ending in March 2024. While the net profit for the January–March quarter of FY23 was Rs 253.61 crore and the overall revenue increased from Rs1,036.31 crore to Rs1,391.63 crore in the fourth quarter of FY24.
IREDA reached an all-time high of ?1,252.23 crore for annual profit after tax (PAT) which was up 44.83% from ?864.62 crore in 2022–2023.
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