Indian Renewable Energy Development Agency Ltd Share Price – NSE  /  BSE

Finance, Small Cap

The domestic equity benchmarks marched higher and hit a fresh intraday high in afternoon trade. The Nifty scaled above the 24,600 level. Barring consumer durables index all the other sectoral indices on the NSE were traded in green.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 321.91 points or 0.40% to 80,831.49. The Nifty 50 index added 124.30 points or 0.51% to 24,626.45

The Nifty 50 index index hit a fresh all-time high of Rs 24,635.05 in afternoon trade.

In the broader market, the S&P BSE Mid-Cap index gained 0.86% and the S&P BSE Small-Cap index added 0.35%.

The market breadth was positive. On the BSE, 2,047 shares rose and 1,910 shares fell. A total of 137 shares were unchanged.

Economy:

The annual rate of inflation based on all India Wholesale Price Index (WPI) number came in at 3.36% (Provisional) for the month of June, as compared with 2.61% in the previous month of May 2024, according to the latest official data.

Positive rate of inflation in June, 2024 is primarily due to increase in prices of food articles, manufacture of food products, crude petroleum & natural gas, mineral oils, other manufacturing etc. The month over month change in WPI for the month of June, 2024 stood at 0.39% as compared to May, 2024.

Gainers & Losers:

Oil and Natural Gas Corporation (up 3.27%), Sbi Life Insurance Company (up 2.73%), Bajaj Auto (up 2.37%), NTPC (up 2.35%) and Shriram Finance (up 2.34%) were major Nifty gainers.

Asian Paints (down 1.42%), Grasim Industries (down 1.27%), Tata Steel (down 0.96%), LTIMindtree (down 0.95%) and Tata Consumer Products (down 0.77%) were major Nifty losers.

Stocks in Spotlight:

Indian Renewable Energy Development of India (IREDA) gained 3.60 after the company’s consolidated net profit jumped 30% to Rs 383.69 crore in Q1 FY25 as compared with Rs 294.58 crore in Q1 FY24.

Ashok Leyland gained 1.53% after the company announced that it has bagged single largest fully built bus order from the Maharashtra State Road Transport Corporation (MSRTC) for 2,104 units of Viking passenger bus.

Tanla Platforms surged 8.94% to Rs 1043 after the company announced a commercial agreement with a global tech major to deploy its Wisely ATP solution to combat scams.

HCL Technologies (HCL Tech) rose 0.89%. The company reported 6.8% rise in consolidated net profit to Rs 4,257 crore in Q1 FY25 from Rs 3,986 crore in Q4 FY24. Revenue from operations declined 1.6% to Rs 28,057 crore in the first quarter of FY25 from Rs 28,499 crore recorded in the last quarter of FY24.

Meanwhie, the company declared dividend of Rs 12 per share.

Avenue Supermarts (Dmart) added1.13% after the company reported a 17.46% increase in consolidated net profit to Rs 773.82 crore in Q1 FY25 as compared with Rs 658.75 crore in Q1 FY24. Revenue from operations increased 18.57% to Rs 14,069.14 crore in Q1 FY25 as compared to Rs 11,865.44 crore posted in Q1 FY24.

Global Markets:

European stocks declined across the board while Asian stocks traded mixed on Monday, as global markets assess the impact of an assassination attempt on former U.S. President Donald Trump.

China's economic growth fell short of expectations in the second quarter, dampening sentiment. The country's GDP expanded by 4.7% year-on-year, slowing from the previous quarter's 5.3%. Additionally, uncertainty surrounding U.S. politics, following an assassination attempt on former President Donald Trump, added to market volatility.

However, losses were tempered by a positive close on Wall Street on Friday, where major indexes approached record highs amid growing expectations of interest rate cuts. Wall Street futures remained modestly positive in Asian trading hours, although the impact of the attempted assassination on the 2024 presidential race remains unclear. Trump is scheduled to be officially nominated as the Republican presidential candidate at this week's party convention

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Revenue from operations increased 32% YoY to Rs 1510.28 crore in Q1 FY25.

Profit before tax rose 8% YoY to Rs 475.74 crore in the quarter ended 30 June 2024.

Operating profit (before Depreciation, impairment & Tax) stood at Rs 454.33 crore in Q1 FY25, registering the growth of 31% as compared with Rs 347.98 crore posted in corresponding quarter last year.

Cost of borrowings fell to 7.78% in Q1 FY25 from 7.83% in Q1 FY24.

Interest income stood at Rs 1,482.76 crore in Q1 FY25, up 31% to Rs 1,132.73 crore in Q1 FY24. Net interest margin increased from 3.23% to 3.29% in Q1 FY25.

Yield on loan assets (gross) stood at 10.01% as on 30 June 2024 as comapred with 9.64% as on 30 June 2023.

CRAR declined to 19.52% as on 30 June 2024 as compared with 19.95% as on 30 June 2023. Provision coverage ratio (Stage III) stood at 57.21% as on 30 June 2024 as compared with 48.68% as on 30 June 2023.

The scrip entered the stock exchanges on 29 November 2023. It was listed at Rs 50, exhibiting a premium of 56.25% over the issue price of Rs 32.

IREDA is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE). It is also conferred with the Mini Ratna (Category-I) status. As on March 2024, GoI held 75% stake in IREDA.

The counter hit an-all time high at Rs 310 in intraday today.

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Revenue from operations increased 32% YoY to Rs 1510.28 crore in Q1 FY25.

Profit before tax rose 8% YoY to Rs 475.74 crore in the quarter ended 30 June 2024.

Operating profit (before Dep, impairment & Tax) stood at Rs 454.33 crore in Q1 FY25, registering the growth of 31% as compared with Rs 347.98 crore posted in corresponding quarter last year.

Cost of borrowings fell to 7.78% in Q1 FY25 from 7.83% in Q1 FY24.

Interest income stood at Rs 1,482.76 crore in Q1 FY25, up 31% to Rs 1,132.73 crore in Q1 FY24. Net interest margin increased from 3.23% to 3.29% in Q1 FY25.

Yield on loan assets (gross) stood at 10.01% as on 30 June 2024 as comapred with 9.64% as on 30 June 2023.

CRAR declined to 19.52% as on 30 June 2024 as compared with 19.95% as on 30 June 2023. Provision coverage ratio (Stage III) stood at 57.21% as on 30 June 2024 as compared with 48.68% as on 30 June 2023.

IREDA is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE). It is also conferred with the Mini Ratna (Category-I) status. As on March 2024, GoI held 75% stake in IREDA.

The counter rose 0.37% to ends at Rs 284.65 on Friday 12 July 2024.

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Net profit of Indian Renewable Energy Development Agency rose 30.25% to Rs 383.69 crore in the quarter ended June 2024 as against Rs 294.58 crore during the previous quarter ended June 2023. Sales rose 32.96% to Rs 1503.62 crore in the quarter ended June 2024 as against Rs 1130.87 crore during the previous quarter ended June 2023.

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