IREDA shares closed at record high today; can they hit Rs 240 mark?

Shares of Indian Renewable Energy Development Agency Ltd (IREDA) closed at record high amid a rally in the Indian equity market today. The stock was stuck in the upper circuit of 5% at Rs 161.75 for a majority of session. It ended at the same level today. Market cap of the firm climbed to Rs 43,474 crore. IREDA saw 117.33 lakh shares changing hands amounting to a turnover of Rs 185.89 crore on BSE. It logged 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 83.7, signaling it's trading in the overbought zone. 

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 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 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. 

Meanwhile, Indian equity benchmarks ended higher on Wednesday. Sensex surged 689.76 points, or 0.98 per cent, to settle at 71,060.31. NSE's Nifty50 jumped 215.15 points, or 1.01 per cent, to end the day at 21,453.95. 
 

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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