Shares of Indian Renewable Energy Development Agency Ltd (IREDA) rose 2.50 per cent to hit a high of Rs 139.50 in Thursday's trade. The multibagger scrip has rallied 335.94 per cent from its initial public offering (IPO) price of Rs 32. IREDA made a stellar stock market debut on November 29 last year.
Today's upward move in the share price came after the company's board approved borrowing programme up to Rs 24,200 crore for the financial year 2024-25 (FY25).
"The borrowing includes fund raising through Taxable Bonds/Green Taxable Bonds/Sub-ordinated Tier-II Bonds/Perpetual Debt Instruments (PDI)/ Green Masala Bonds/Green Foreign currency bonds (USD/EUR/JPY)/Foreign currency bonds (USD/EUR/JPY)/Term loan from Banks and FI’s from domestic market/Lines of credit from international agencies/Public & private placement of Tax-free bonds/Capital Gains Bonds/Commercial Papers/Short term loans/CC/WCDL from Banks/Foreign Currency Non-Resident (FCNR -B) Loans from banks/External Commercial Borrowings (ECB) from the domestic and/or international financial market," it stated.
On technical setup, support on the counter could be seen at Rs 130. "Support will be at Rs 130 and resistance at Rs 145. A decisive close above the Rs 145 level may trigger a further upside till Rs 155. Expected trading range will be between Rs 120 and Rs 160 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
"The stock looked weak on daily charts and may slip towards Rs 125 level. Resistance will be at Rs 145," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
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.