Multibagger Ireda Shares Extend Fall For Second Day
Shares of Ireda hit record high on Monday after its net profit jumped 30% in the first quarter.
Shares of Indian Renewable Energy Development Agency Ltd. declined for the second day on Thursday amid profit-booking. The stock had hit record high on Monday following a 30% jump in first-quarter net profit. Stock markets were close on Wednesday for Muharram.
On Tuesday, Ireda said it will invest Rs 290 crore through special purpose vehicles for setting up a 900-megawatt hydropower project in Nepal.
The 900 MW Upper Karnali hydroelectric power project in Nepal is in advanced stages of development. After the completion of the project it will be the country's largest hydropower plant.
On Friday, the non-banking financial institution reported a net profit of Rs 384 crore in the April-June quarter, compared to Rs 295 crore during the same period last year, according to its stock exchange notification. Revenue of the company rose 32% year-on-year to Rs 1,511 crore.
Shares of the company fell as much as 7.38% to Rs 252 apiece, the lowest level since July 11. It pared losses to trade 5.71% lower at Rs 256.54 apiece as of 11:28 a.m. This compares to a 0.24% decline in the NSE Nifty 50 Index.
The stock has risen 329.48% from the date of its listing and 150.67% year-to-date. The total traded volume stood at 1.13 times the 30-day average volume. The relative strength index was at 63.30.
Out of two analysts tracking the company, one maintains a 'buy' rating and one suggests a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 49.30%.
