Shares of recently-listed Indian Renewable Energy Development Agency Ltd (IREDA) surged in Friday's trade to scale their all-time high level. The stock jumped 14.75 per cent to a lifetime high of Rs 73.67 over its previous close of Rs 64.20.
On technical setup, support on the counter could be seen at Rs 68, followed by Rs 65. On the higher side, the counter may is likely to see Rs 80 level in the near term.
AR Ramachandran from Tips2trades said, "IREDA looks bullish and also extremely overvalued compared to its peers with next resistance at Rs 79.35 on daily charts. Investors should book profits at current levels as a daily close below support of Rs 68 could lead to a target of Rs 49 in the near term."
DRS Finvest founder Ravi Singh suggested that the stock may hit Rs 80 in the near term. Keep stop loss placed at Rs 65, Singh mentioned.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said "Support will be at Rs 65 and resistance may be seen above Rs 75. The stock may see a trading range between Rs 60 and Rs 85 for next couple of months."
The stock saw heavy trading volumes today as around 2.18 crore shares were last seen changing hands. The figure was way more than the two-week average volume of 1.27 crore shares.
Turnover on the counter came at Rs 153.74 crore, commanding a market capitalisation (m-cap) of Rs 19,521.24 crore. There were 23,10,514 sell orders today against buy orders of 13,65,795 shares.
The stock made a remarkable stock market debut on November 29, listing with a premium of over 56 per cent against the initial public offering (IPO) of Rs 32.
The IPO was the first public issue by a public sector enterprise after Life Insurance Corporation of India (LIC) in May last year.
IREDA is a mini Ratna firm under the administrative controls of the Ministry of New and Renewable Energy.
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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.)
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