Shares of Indian Renewable Energy Development Agency Ltd (IREDA) jumped as much as 4.85 per cent to Rs 184.80 in Tuesday's trade. The stock was last seen trading 4.68 per cent higher at Rs 184.50. At this price, the multibagger scrip has gained 207.55 per cent on a year-to-date (YTD) basis. IREDA made a stellar stock market debut on November 29 last year.
The state-owned firm has recently incorporated a subsidiary at the International Financial Services Centre (IFSC) located in GIFT City, Gujarat. Prior to this, it was granted 'Navratna' status from the department of public enterprises.
Analysts at Choice Equity Broking have given a 'Buy' call on the counter with a target price of Rs 203. "IREDA presents a promising buying opportunity for those targeting a Rs 203 price objective, contingent upon implementing prudent risk management measures," they stated.
"To effectively manage risk, it is advisable to establish a stop loss at Rs 170 to protect the investment against unexpected market reversals. A prudent approach involves considering buying opportunities during market dips at levels around Rs 177," the domestic brokerage further said.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 170 and resistance at Rs 190. A decisive close above Rs 190 level may trigger a further upside till 200. The expected trading range will be between Rs 165 and Rs 210 for a month."
The counter traded higher than the 5-day, 10-, 20-, 30-, 50-day and 100-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 64.13. A level below 30 is defined as oversold while a value above 70 is considered overbought.
On BSE, around 25.18 lakh shares changed hands today at the time of writing this story. The figure was slightly lower than the two-week average volume of 25.57 lakh shares. Turnover on the counter came at Rs 45.65 crore, commanding a market capitalisation (m-cap) of Rs 49,481.75 crore.
IREDA is a 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.