Indian Renewable Energy Development Agency Ltd (IREDA) has received an approval from Reserve Bank of India (RBI) to set up its wholly-owned subsidiary in the International Financial Services Centre (IFSC) situated in GIFT City, Gujarat. The renewable energy state-run financier informed the same via an exchange filing late on Thursday.
IREDA said its presence in GIFT City will mark a significant milestone in its mission to spearhead innovative solutions for green financing. "This subsidiary will not only be paving the way for IREDA to leave its global footprints but also serve as an offshore platform for securing competitive funding to push the growth of the renewable energy sector, in alignment with the government’s ambitious 'Panchamrit' targets," it added.
Pradip Kumar Das, Chairman & Managing Director (CMD) of IREDA, said, "This strategic move aligns with our vision of facilitating sustainable development through renewable energy investments, both domestically and internationally."
On the stock-specific front, shares of the company on Friday extended their fall for the third straight session. It tanked 5 per cent to hit a lower price band of Rs 179.55. At this price, IREDA has lost 14.24 per cent in three days.
Despite the said fall, the multibagger scrip has rallied 461.09 per cent from its initial public offering (IPO) price of Rs 32. IREDA made a stellar stock market debut on November 29 last year.
Technical analysts largely suggested that the stock looked bearish. Major support on the counter will be around Rs 170. On the higher side, resistance will be near the Rs 200 zone.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher (PL), said IREDA has witnessed a tremendous rally within a short span of time. "Near-term support would be at around Rs 180 zone where it is expected to consolidate, and one can enter for second round of momentum. Our view gets negated, only if a decisive breach below Rs 168 zone is confirmed with the trend getting weak," he stated.
Market expert Ravi Singh said the stock looked weak on daily charts. Resistance on the counter will be at Rs 200, he mentioned.
AR Ramachandran from Tips2trades said, "The stock price looks bearish and extremely overbought on daily charts with resistance near Rs 200."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said also proposed Rs 200 as the resistance level.
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.
(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 | Stock recommendations by analyst for Feb 9: Midhani, Oberoi Realty and Barbeque Nation