Stocks To Watch: Prestige Estates, IREDA Ltd., HDFC Bank Ltd. and Sterlite Technologies Ltd. will be in focus on Monday. Prestige Estates Projects Ltd. will raise up to Rs 5,000 crore through qualified institutional placement. The company’s board approved the proposal on Friday, according to an exchange filing.
Indian Renewable Energy Development Agency, a state-owned enterprise, raised Rs 1,500 crore through a bond issue, which was oversubscribed by 2.65 times.
IREDA, the nation’s largest pure-play green financing NBFC, witnessed an 11.40% surge in its share price during today’s early morning trading session, reaching ₹179 apiece. This increase was fueled by investor enthusiasm following the company’s impressive financial performance in Q4FY24 and for the full fiscal year of FY24. On Friday, post-market hours, the company released its FY24 financial results, achieving an all-time high annual profit after tax (PAT) of ₹1252.23 crore, marking an impressive growth of 44.83% over the previous fiscal year 2022–23.
IREDA’s net worth reached ₹8,559.43 crore as of March 31, 2024, reflecting an increase of 44.22% over the previous year. The company also posted a 33% YoY rise in its net profit to ₹337.38 crore in the March quarter. The loan book of IREDA grew by 26.81% from ₹47,052.52 crore to ₹59,698.11 crore as of March 31, 2024.
Prestige Estates Projects gained over 1.5% on June 24 as the realty firm plans to raise up to Rs 5,000 crore by selling shares to institutional investors and monetising its hotel business. Elara Securities has a ‘buy’ rating on Prestige Estates with a target price of Rs 2,300 per share, praising the company’s unique combination of scale, diversity, and market dominance. In the previous session, Prestige Estates shares ended nearly 1% lower at Rs 1,995 on the NSE, with a gain of 244% in the last year.
Overall, these stocks continue to attract investor attention with their strategic moves and financial performances, making them noteworthy options to watch in the Indian market today.
