IREDA shares hit all-time-high after strong Q1 results

Shares of Indian Renewable Energy Development Agency (IREDA) Limited saw strong buying interest following better-than-expected Q1 2024 results. The share price opened at ₹300 apiece on NSE and quickly climbed to an intraday high of ₹310, setting a new lifetime high.

Stock market experts attribute the rise in IREDA’s share price to the company’s impressive Q1 performance. Investors are also optimistic about the potential benefits IREDA might gain from subsidies for renewable energy companies under the PLI Scheme, which is expected to be highlighted in the 2024 budget. This positive sentiment is likely to keep IREDA in focus until the Union Budget 2024 is presented by Finance Minister Nirmala Sitharaman.

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As of 12:05 PM the shares were trading 4.05% higher at ₹295.78 on NSE.