Shares of Indian Renewable Energy Development Agency Ltd (IREDA) fell over 7% in early trade amid a rally in the broader market today. IREDA stock slipped 7.5% to Rs 101.60 on BSE today. The firm saw 47.75 lakh shares changing hands amounting to a turnover of Rs 49.39 crore on BSE. Market cap of the firm fell to Rs 27,404 crore. At 11:18 am, the stock was trading 7.18% lower at Rs 101.96 on BSE.
In terms of technicals, the relative strength index (RSI) of IREDA stands at 75.4, signaling it's trading in the overbought zone.
The stock hit its all time high of Rs 123.37 on December 14, 2023 and a low of Rs 49.99 on November 29, 2023.
Abhijeet from Tips2trades said, "IREDA stock price is overbought on the Daily charts with strong resistance at Rs 123. Investors should book profits at current levels as a daily close below support of Rs 92 could lead to Rs 73 in the near term."
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Ravi Singh, Market Expert said, IREDA stock price is currently witnessing profit booking and taking cues from the overall sentiments of the market. The technical parameters are suggesting more sell off in the coming days. The short term moving averages are supporting the current negative trend and may push the counter to lower levels of Rs 95 in the coming trading sessions."
Vaibhav Kaushik, Research Analyst, GCL Broking said, "The stock has a strong support near Rs 88 level. Buying on dips is advisable near Rs 97 level with a stop loss of Rs 88 for a target of Rs 120."
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.
Shares of IREDA made a stellar market debut on November 29, listing at a 56.25% premium over the IPO issue price. IREDA stock listed at Rs 50 on BSE, a premium of 56.25% over the IPO issue price of Rs 32. The stock listed at Rs 50 on NSE.
The price band of IREDA's IPO was Rs 30-32 apiece with a lot size of 460 shares. The IPO was open for bidding between November 21 and November 23. The state-run PSU player raised a total of Rs 2,150.21 crore through the IPO route, which included a fresh share sale of Rs 1,290.13 crore and an offer-for-sale (OFS) of 26,87,76,471 equity shares.
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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