IREDA shares slip 26% from record high; price targets, resistance, support and more

Shares of Indian Renewable Energy Development Agency Ltd (IREDA) were stuck in the lower circuit of 5% on Friday. IREDA shares fell 5% to Rs 159.40 against the previous close of Rs 167.75 on BSE. With today’s correction, IREDA shares have lost 26% from their record high of Rs 215 reached on February 6, 2024. IREDA saw 11.26 lakh shares changing hands amounting to a turnover of Rs 17.96 crore on BSE. Market cap of the firm slipped to Rs 42,843 crore.

It fell to a record low of Rs 49.99 on November 29, 2023.

Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher said, "The stock has witnessed a lower top formation on the daily chart resisting near Rs 185 zone and has slipped down with near-term important support lying near Rs 154 levels. The overall trend is still maintained positive, and with the RSI having cooled off significantly from the highly overheated zone and currently being well placed, we expect once the Rs 154 zone is sustained, then we can anticipate for another round of upward move in the coming days with resistance maintained near the 185 levels."

Abhijeet from Tips2Trades said, "IREDA stock price is sideways to bearish on the Daily charts with strong resistance at Rs 186. A daily close below support of Rs 154 could lead to a target of Rs 124."

In terms of technicals, the relative strength index (RSI) of the stock stands at 52.9, signaling it's trading neither in the overbought nor in the oversold zone.

IREDA’s net profit jumped 67 per cent to Rs 335.54 crore for the December quarter, led by growth in the loan book and a massive reduction in net non-performing assets (NPAs) from 2.03 per cent to 1.52 per cent year-on-year.

Revenue from operations in Q3 rose 44.21 per cent to Rs 1,253.20 crore compared with Rs 868.98 crore in the corresponding quarter last year. IREDA said its loan book climbed to Rs 50,579.67 crore against Rs 37,887.69 crore YoY, up 33.50 per cent. The price band of IREDA's IPO was Rs 30-32 apiece with a lot size of 460 shares. The IPO was open for bidding from November 21 to November 23.

IREDA stock listed at a premium of 56.25% to the issue price at Rs 50 on November 29 on BSE and NSE.

Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as an investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

 

 

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