Shares of Indian Renewable Energy Development Agency Ltd. jumped over 11% on Monday after its profit surged in the fourth quarter. The company's net profit rose 32.67% year-on-year to Rs 337 crore in the quarter ended March 2024, according to an exchange filing.
IREDA Q4 Earnings Key Highlights (Consolidated, YoY)
Total income up 34.36% at Rs 1,392 crore.
Net profit up 32.67% at Rs 337 crore.
Shares of the company gained as much as 11.39% to Rs 179.00 apiece, the highest level since April 8. It pared gains to trade 7.00% higher at Rs 171.95 apiece as of 09:44 a.m. This compares to a 0.30% advance in the NSE Nifty 50.
The stock has risen 186.58% in four months. Total traded volume so far in the day stood at 3.0 times its 30-day average. The relative strength index was at 61.75.
One analyst tracking the company suggests a 'sell' on the stock, according to Bloombergs.
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