At 52-week low, IREDA stock in focus today on MoU for FY27 targets 

Shares of Indian Renewable Energy Development Agency Limited (IREDA) are in focus today after the state owned firm inked a performance-based Memorandum of Understanding (MoU) with Ministry of New and Renewable Energy (MNRE). The MoU outlines strategic targets for the financial year 2026-27.

IREDA stock ended 1.71% lower at Rs 108.90 in the previous session. Market cap of the renewable energy stock stood at Rs 30,592 crore. The stock  trades near its 52 week low of Rs 107.40 reached on September 16 this year.

In terms of technicals, relative strength index (RSI) of the stock stands at 41, signaling it's trading neither in the oversold nor in the overbought zone.

IREDA stock touched a 52 week high of Rs 158.75 on October 15, 2024.

IREDA stock trades below its 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day simple moving averages.

Santosh Kumar Sarangi, Secretary, MNRE and Dr. Bijay Kumar Mohanty, Chairman & Managing Director, IREDA, inked the MoU at Atal Akshay Urja Bhawan, New Delhi on Monday.

"We are grateful to Ministry of New & Renewable Energy for their conXnued guidance and support. With clear goals set for the year, our team will work hard like earlier years and contribute their best to achieve the ulXmate goal of Viksit Bharat," said Mohanty.

IREDA is a Navratna 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.