Fri, Jul 5, 2024 4:49 PM
PNGRB seeks plan from IGX to deal with likely default by long-term parties
A Flip by Shubhangi Gupta
Indian Renewable Energy Development Agency Ltd. (IREDA) shares surged 9% to a record high of ₹248.85, extending gains for the third straight day, with a year-to-date gain of over 135%. The stock has broken past the ₹222 level and is expected to reach ₹265-270 in 1-3 months. A block deal worth ₹100 crore took place, with the stock entering the overbought zone.
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Info Edge shares were in focus on July 8. The company, said its standalone billings for the April to June 2024 quarter rose 10.8% higher yoy to ₹579.4 crore, which is still lower than Bloomberg’s estimates of ₹623 cr. Despite the growth, global brokerage firm UBS has a neutral call on the Info Edge stock with a target price of ₹6,055, implying a potential downside of nearly 11%.
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