India's IREDA hits near 3-month high on getting 'Navratna' status

Indian Renewable Energy Development Agency

29/04/2024 09:49

** Shares of Indian Renewable Energy Development Agency
(IREDA)  INAR.NS  rise as much as 12.6% to 192.2 rupees, highest
level since Feb. 7
    ** Renewables lender said the Department of Public
Enterprises on Friday granted it the ‘Navratna status'
    ** Navratna status is accorded to public sector companies
authorized to take up investments of up to 10 bln rupees ($120
mln ) without central government's approval
    ** More than 86 mln shares change hands, 2.6x its 30-day avg
    ** INAR trading above its 50-day and 100-day simple moving
averages since mid-April
    ** Stock up ~35% so far in April



($1 = 83.4170 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))