IREDA shares ended in the green for the last three sessions rising 19% till date. Those who were allotted shares during the IPO are sitting at a profit of Rs 90 per share from the IPO issue price of Rs 32. 
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IREDA shares ended in the green for the last three sessions rising 19% till date. Those who were allotted shares during the IPO are sitting at a profit of Rs 90 per share from the IPO issue price of Rs 32. Shares of Indian Renewable Energy Development Agency Ltd (IREDA) hit their upper circuit of 10% in the afternoon session. The stock ended in the green for the last three sessions rising 19% till date. Those who were allotted shares during the IPO are sitting at a profit of Rs 90 per share from the IPO issue price of Rs 32. The stock listed at a premium of 56.25% to the issue price at Rs 50 on November 29.
In the current session, shares of IREDA rose 10% to Rs 122.10 against the previous close of Rs 111 on BSE. The firm saw 340.76 lakh shares changing hands amounting to a high turnover of Rs 406.04 crore on BSE. Market cap of the firm climbed to Rs 32,817.61 crore.
The stock hit a record 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 131. Investors should book profits at current levels as a Daily close below support of 116 could lead to 98 in the near term."
Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher said, "With initial target of Rs 123 met and strength sustaining, shall expect for further target of Rs 131-133 levels."
In terms of technicals, the relative strength index (RSI) of stands at 69.4, signaling it's trading neither in the overbought nor in the oversold zone.
On November 29, 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.
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.
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 from November 21 to 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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