IREDA shares open at record high; price target, support, turnover and more

Shares of Indian Renewable Energy Development Agency Ltd (IREDA) hit record high in early trade today. The stock opened 4.83% higher at Rs 178 on BSE. It touched a record high of Rs 178.25  on BSE. The stock was stuck in the upper circuit of 5%.

Market cap of the firm climbed to Rs 47,909 crore. IREDA saw 6.80 lakh shares changing hands amounting to a turnover of Rs 12.09 crore on BSE. It clocked a record low of Rs 49.99 on November 29, 2023.

In terms of technicals, the relative strength index (RSI) of the stock stands at 86.9, signaling it's trading in the overbought zone.

Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher said, "The stock continues to rise further with strong uptrend maintained intact with the bias and sentiment going strong with next targets of Rs 179 and Rs 194 levels visible, respectively in the coming days. The major support zone would be maintained near Rs 145 levels below which the trend would turn weak to some extent. One can maintain their long position as of now and expect for further gains."

Vaibhav Kaushik, Research Analyst at GCL Broking said, "Just after Ram mandir inauguration PM Modi announced Surya Uday Yojna, which is related to solar plant installation of 1 crore households this will definitely help IREDA in visibility of revenue. The stock can touch Rs 240 levels in coming months. Keep a stop loss of Rs 139."

Ravi Singh, Market Expert said, "IREDA is very strong on both technical and fundamental parameters. The company has posted robust Q3 numbers recently with a surge in net profit backed by higher income. The technical charts on daily and weekly basis suggest a strong move ahead. The long term MAs are in support of the trend and a target of Rs 190 with a stop loss of Rs 150 is very probable anytime soon."

Abhijeet from Tips2trades said, "IREDA stock price is bullish and extremely overbought with next resistance at Rs 168.5 on the Daily charts. Investors should book profits at current levels as a Daily close below support of Rs 150 could lead to a target of Rs 135 in the near term."

IREDA reported a 54% rise in its profit after tax (PAT) at Rs 285 crore for the second quarter of the fiscal year against Rs 185 crore in Q2 of the previous fiscal. Total income rose 49% to Rs 1,176.96 crore in the September 2023 quarter against Rs 791.56 crore in the September 2022 quarter.

Net NPAs fell to 1.65% in Q2 as against 2.72% in the corresponding quarter of the previous fiscal. Gross NPAs declined to 3.13% in the September 2023 quarter as against 5.06% in Q2 of the previous fiscal.

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

 IREDA is a Mini Ratna (Category - I) government enterprise. It is administratively controlled by the Ministry of New and Renewable Energy (MNRE). IREDA has been actively promoting, developing, and extending financial assistance for new and renewable energy projects, as well as energy efficiency and conservation projects for over 36 years.

 

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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