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IREDA shares dive 7% today; here's what analysts are saying

IREDA shares dive 7% today; here's what analysts are saying

IREDA has recently allotted 12,14,66,562 equity shares of face value of Rs 10 each, to eligible qualified institutional buyers (QIBs) at an issue price of Rs 165.14 per equity share.

Prashun Talukdar
Prashun Talukdar
  • Updated Jun 13, 2025 12:33 PM IST
IREDA shares dive 7% today; here's what analysts are sayingNet-net, the Navratna PSU raised Rs 2,005.90 crore under the QIP by provisions of Sebi ICDR Regulations.

Shares of Indian Renewable Energy Development Agency (IREDA) Ltd recorded a sharp drop in Friday's trading session, sliding 7.43 per cent to hit a low of Rs 162.60.

The state-run renewable energy financier has recently allotted 12,14,66,562 equity shares of face value of Rs 10 each, to eligible qualified institutional buyers (QIBs) at an issue price of Rs 165.14 per equity share.

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Net-net, the Navratna PSU raised Rs 2,005.90 crore under the QIP by provisions of Sebi ICDR Regulations.

On the technical front, Rs 163 is expected to act as an immediate support level.

Jigar S Patel, Senior Manager (Technical Research Analyst at Anand Rathi), noted that support will be at Rs 163 and resistance at Rs 175. "A decisive move above Rs 175 level may trigger a further upside towards Rs 180. The expected trading range will be between Rs 160 and Rs 180 for the short term," he stated.

Sebi-registered independent research analyst AR Ramachandran said, "IREDA is bearish on daily charts with strong resistance at Rs 176. A daily close below support of Rs 162.7 could lead to a downward target of Rs 153 in the near term."

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For the January-March 2025 quarter (Q4 FY25), IREDA reported a consolidated net profit of Rs 501.55 crore, marking a 48.66 per cent increase year-on-year (YoY). Revenue rose 36.93 per cent to Rs 1,905.06 crore from Rs 1,391.26 crore in the year-ago quarter.

The company is a 'Navratna' PSU under the administrative control of the Ministry of New and Renewable Energy. As of March 2025, the government held a 75 per cent stake in it. The organisation offers 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 should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Jun 13, 2025 12:33 PM IST
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