Why ireda Is Trending Today?

IREDA's share price fell significantly on July 11, down 4.69% to 6% due to a 36% year-on-year decline in Q1 net profit and deterioration in asset quality. Despite the setback, analysts suggest it could be an opportunity to buy the Navratna PSU stock, which is down 25% year-to-date. The government extended tax exemption benefits to IREDA bonds, effective from July 9.

IREDA's net profit fell by 36% YoY to ₹247 crore in Q1, driven by rising expenses, despite increased revenue and loan figures. The company received tax exemption benefits for its bonds under Section 54EC of the IT Act to support green energy investments, leading to a 3% increase in its share price ahead of Q1 results.