IREDA shares extend gains as stock zooms 38% in 5 sessions; key technical levels to watch
IREDA share price: IREDA said its loan book stood at Rs 50,579.67 crore against Rs 37,887.69 crore year-on-year (YoY), up 33.50 per cent.
- Jan 26, 2024,
- Updated Jan 26, 2024 7:25 AM IST
Shares of Indian Renewable Energy Development Agency Ltd (IREDA) on Thursday continued their strong upward run for the fifth straight session. The stock settled 4.98 per cent higher at its fresh all-time high of Rs 169.80. It has gained 37.94 per cent in five trading days.
The renewable energy state-run financier reported a 67.2 per cent rise in its quarterly net profit at Rs 335.54 crore. Revenue from operations for the quarter rose 44.21 per cent to Rs 1,253.20 crore compared with Rs 868.98 crore in the same quarter last year.
IREDA said its loan book stood at Rs 50,579.67 crore against Rs 37,887.69 crore year-on-year (YoY), up 33.50 per cent.
The company's stock made a stellar stock market debut on November 29 last year, listing with a premium of over 56 per cent against the initial public offering (IPO) price of Rs 32. At today's closing price of Rs 169.80, the stock has rallied 430.63 per cent from its issue price.
On technical setup, support on the counter could be seen at Rs 160, followed by Rs 150 level. On the higher side, a decisive close above Rs 178 is required for a further rise. That said, an analyst suggested booking profits at current levels.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 160 and resistance at Rs 178. A decisive close above Rs 178 level may trigger a further upside till Rs 185. Expected trading range will be between Rs 155 and Rs 190 for a month."
DRS Finvest founder Ravi Singh, "The counter is looking very strong on both technical and fundamental parameters after robust Q3 numbers. The long term moving averages are in support of the upward trend. A target of Rs 190 is very probable anytime soon. Keep stop loss at Rs 150."
Vaibhav Kaushik, Research Analyst at GCL Broking said the stock may see Rs 240 level in the coming months.
AR Ramachandran from Tips2trades suggested that investors should book profits at current levels.
IREDA is a mini Ratna firm under the administrative controls of the Ministry of New and Renewable Energy.
The organisation offers a comprehensive array of financial products (fund- and non-fund-based) associated services, from project inception to post-completion, for renewable energy projects and related activities like equipment manufacturing and transmission.
Meanwhile, Indian equity would be closed on Friday to mark Republic Day celebrations. The domestic benchmarks would reopen on December 29 (Monday).
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
Also read: Tata Power, IREDA, REC, PFC shares: 7 cos to gain from Pradhan Mantri Suryodaya Yojana
Also read: How Will PM Suryoday Yojana Benefit IREDA Shares?
Shares of Indian Renewable Energy Development Agency Ltd (IREDA) on Thursday continued their strong upward run for the fifth straight session. The stock settled 4.98 per cent higher at its fresh all-time high of Rs 169.80. It has gained 37.94 per cent in five trading days.
The renewable energy state-run financier reported a 67.2 per cent rise in its quarterly net profit at Rs 335.54 crore. Revenue from operations for the quarter rose 44.21 per cent to Rs 1,253.20 crore compared with Rs 868.98 crore in the same quarter last year.
IREDA said its loan book stood at Rs 50,579.67 crore against Rs 37,887.69 crore year-on-year (YoY), up 33.50 per cent.
The company's stock made a stellar stock market debut on November 29 last year, listing with a premium of over 56 per cent against the initial public offering (IPO) price of Rs 32. At today's closing price of Rs 169.80, the stock has rallied 430.63 per cent from its issue price.
On technical setup, support on the counter could be seen at Rs 160, followed by Rs 150 level. On the higher side, a decisive close above Rs 178 is required for a further rise. That said, an analyst suggested booking profits at current levels.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 160 and resistance at Rs 178. A decisive close above Rs 178 level may trigger a further upside till Rs 185. Expected trading range will be between Rs 155 and Rs 190 for a month."
DRS Finvest founder Ravi Singh, "The counter is looking very strong on both technical and fundamental parameters after robust Q3 numbers. The long term moving averages are in support of the upward trend. A target of Rs 190 is very probable anytime soon. Keep stop loss at Rs 150."
Vaibhav Kaushik, Research Analyst at GCL Broking said the stock may see Rs 240 level in the coming months.
AR Ramachandran from Tips2trades suggested that investors should book profits at current levels.
IREDA is a mini Ratna firm under the administrative controls of the Ministry of New and Renewable Energy.
The organisation offers a comprehensive array of financial products (fund- and non-fund-based) associated services, from project inception to post-completion, for renewable energy projects and related activities like equipment manufacturing and transmission.
Meanwhile, Indian equity would be closed on Friday to mark Republic Day celebrations. The domestic benchmarks would reopen on December 29 (Monday).
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
Also read: Tata Power, IREDA, REC, PFC shares: 7 cos to gain from Pradhan Mantri Suryodaya Yojana
Also read: How Will PM Suryoday Yojana Benefit IREDA Shares?