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.
![Government Accords 'Navratna' Status to IREDA](https://www.psuconnect.in/sdsdsd/ireda21.jpg)
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.
Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoY
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.
Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail depositsNews Must Read
- Karnataka Bank Announced record Q1 Net Profit at Rs. 400.33 CR
- NTPC, BHEL shares soar higher amid JV announcement in Budget 2024
- BEL signs tripartite MoU for manufacture of indigenised ammunition
- Goa Shipyard Limited launched first indigenous P1135.6 Frigate
- Chandan Sinha appointed as Non-Executive Part Time Chairman of RBL Bank
- OIL and Dolphin Drilling signs contract for hiring of Blackford Dolphin
- Cmde D.K. Murali, IN (Retd.) Joins as CMD of BECIL
- Samir Chandra Saxena Appointed as Director (Market Operation) of GRID-INDIA
- MOIL CMD bags Title 'CEO of the Year'
- ONGC sign MoU with GSI to advance geothermal exploration in Ladakh