IREDA stock price today: In the current session, the stock was trading on a flat note at Rs 234.15 against the previous close of Rs 233.75.
Shares of Indian Renewable Energy Development Agency Ltd (IREDA) have gained 370% from their 52-week low, delivering multibagger returns during the period. IREDA stock, which hit a 52 week low of Rs 49.99 on November 29, 2023 was trading at Rs 234 in early deals on Friday. In a shorter duration such as in 2024,the IREDA stock managed to clock growth of 124.18% on BSE.
IREDA stock price today: In the current session, the stock was trading on a flat note at Rs 234.15 against the previous close of Rs 233.75
On the other hand, IREDA stock is trading 25% lower to its record high of Rs 310 reached on July 15, 2024.
In the current session, the stock was trading on a flat note at Rs 234.15 against the previous close of Rs 233.75. Market cap of the renewable energy stock rose to Rs 62,947 crore. IREDA shares saw a turnover of Rs 45.24 crore as 19.15 lakh shares changed hands on BSE.
In terms of technicals, the relative strength index (RSI) of the stock stands at 52.6, signaling it’s trading neither in the overbought nor in the oversold zone.
Analysts BT spoke to are mostly bullish on the outlook of the stock.
Pravesh Gour, Senior Technical Analyst at Swastika Investmart said, “IREDA has formed a bullish engulfing candle on the daily time frame near its important support zone at the 100 SMA, along with a positive divergence in the RSI. This setup indicates a possible pullback, with Rs 240 being the first hurdle. Above that, a rally could stretch toward the Rs 265 level. On the downside, the Rs 203-200 range will act as an important demand zone.”
Gaurav Bissa, VP, InCred Equities said, “Ireda had a very strong run this year on back of strong volumes. However, it has now corrected over 26 percent from top in the recent times. The price is trading below its 89dema for the first time along with a wedge breakdown. It is also trading in formation of lower high and lower low, which is a characteristic of a downtrend. However, the fall has been seen in absence of major volumes suggesting a close above Rs 235 levels can result in resumption of upside towards life high levels.”
AR Ramachandran, Independent SEBI Research Analyst said, “IREDA stock price is bullish on the Daily charts with strong support at Rs 206. A daily close above the resistance of Rs 229 could lead to a target of Rs 259 in the near term.”
Shares of IREDA made their market debut at a premium of 56.25% to the issue price at Rs 50 on November 29,2023 on BSE and NSE. 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.
IREDA is a Mini Ratna (Category – I) government enterprise. It is administratively controlled by the Ministry of New and Renewable Energy (MNRE). IREDA has been actively promoting, developing, and extending financial assistance for new and renewable energy projects, as well as energy efficiency and conservation projects for over 36 years.
Indian Renewable Energy Development Agency Financials
| Period | Q2 | Q1 | Q-o-Q Growth | Q2 | Y-o-Y Growth |
|---|---|---|---|---|---|
| Total Revenue | 1612.21 | 1514.46 | +6.45% | 1175.83 | +37.11% |
| Selling/ General/ Admin Expenses Total | 20.86 | 19.84 | +5.12% | 21.02 | -0.76% |
| Depreciation/ Amortization | 9.43 | 8.63 | +9.2% | 7.13 | +32.21% |
| Total Operating Expense | 1138.13 | 997.87 | +14.06% | 824.38 | +38.06% |
| Operating Income | 474.09 | 516.6 | -8.23% | 351.46 | +34.89% |
| Net Income Before Taxes | 459.91 | 475.74 | -3.33% | 379.9 | +21.06% |
| Net Income | 387.75 | 383.69 | +1.06% | 284.73 | +36.18% |
| Diluted Normalized EPS | 1.55 | 1.34 | +15.4% | 1.19 | +29.45% |
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