The Department of Public Enterprises (DPE) has granted ‘Navratna Status’ to Indian Renewable Energy Development Agency (IREDA).
IREDA, under the Ministry of New and Renewable Energy, is engaged in projects related to new and renewable sources of energy and energy efficiency/conservation.
With IREDA in the list, the total number of navratna PSEs is now 17.
What is Navratna Status and who qualifies for it?
Navratna status is accorded to PSUs who are authorized to take up investments of up to ₹1,000 crore without Central nod. They have the room to invest up to 30% of their net worth within a year as long as they adhere to the ₹1,000 crore threshold.
Firms should already have miniratna category I status and be listed under Schedule A of CPSEs to qualify for Navratna.
Analysts see an upside to the PSU stock on Monday. IREDA’s share price closed 2.2% higher on April 26, settling at ₹170.95 on the NSE.
IREDA has given over 63% return, while the one-year return on the stock is 184%.
The company reported 33 percent jump in consolidated net profit at Rs 337 crore for the quarter ended March 31, 2024, compared to Rs 254 crore in the year-ago period. Its Board approved setting up of a subsidiary company to cater to retail business in RE and emerging sectors such as PM KUSUM, rooftop solar. IREDA recently achieved its highest-ever annual loan sanctions and disbursements in 2023-24.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be constructed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
