Indian Renewable Energy Development Agency Ltd (IREDA) shares on Friday extended their gains for the fifth straight session. The stock jumped 11.43 per cent to settle at Rs 176.45. At this price, the counter has gained 30.08 per cent in five trading days. Despite the mentioned rise, the scrip was down 17.93 per cent from its record high value of Rs 215, a level seen earlier this year on February 6.
The renewable energy state-run financier recently said it has recorded the highest-ever loan sanctions worth Rs 37,354 crore in 2023-24 (FY24). Loan disbursements came in at Rs 25,089 crore.
IREDA's total loan book stands at Rs 59,650 crore, recording a growth of 26.71 per cent. Loans sanctioned surged 101.71 per cent year-on-year to Rs 23,796 crore during the March 2024 quarter.
Technical analysts largely remained positive on the counter. One of them suggested that it has potential to revisit all-time high level. That said, immediate support will be around Rs 170.
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "The stock looked strong on daily charts. Expected near-term target will be Rs 185. Keep stop loss placed at Rs 170."
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock has retraced quite significantly from the peak zone of Rs 215 and has bottomed out near Rs 121 to regain strength. It has potential to see Rs 188 level. Thereafter, it can retest the Rs 215 zone. Near-term support would be maintained near Rs 155."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 168 and resistance at Rs 186. A decisive close above Rs 186 level may trigger a further upside till Rs 199. The expected trading range will be between Rs 160 and Rs 200 for a month."
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.