Today, there was a great rise in the shares of Indian Renewable Energy Development Agency i.e. IREDA Share. In the early trade itself, the shares of the company climbed more than 6 percent. After the rise in the stock, a question has arisen in the minds of investors that why the rest of the investors are showing interest in the shares of IRDAI. Let us know the answer to this in this article.
In Thursday's trading session, there has been a rise in the shares of Indian Renewable Energy Development Agency i.e. IREDA Share. In the early trade itself, the shares of the company climbed more than 6 percent. If we talk about the performance of the stock, then in the last one year the company has proved to be a multibagger. On 1 December 2023, the shares of the company were listed at Rs 62.75 and today the price per share has become Rs 255.95.
With regard to the rise in the shares of IRDAI, investors are wondering why the rest of the investors are showing interest in the shares of the company. Today we will tell you why the company's stock has risen.
Before knowing the reason for the rise in the shares, let us tell you that at 11.10 am, IRDA shares were trading at Rs 255.95 per share, up 7.11 per cent or Rs 17.
The stock, which is in the news due to the record rise in shares, has once again made a big jump on Thursday. On August 22, the company's shares have seen a jump of more than 9 percent. This rise in the shares of Indian Renewable Energy Development Agency Limited (IREDA) has come after the news of raising Rs 4,500 crore. Let us tell you that on August 29, 2024, the company is going to hold a board meeting, in which the proposal to raise Rs 4,500 crore through Follow-on Public Offer (FPO) or other methods will be considered.
Fund raising plan
IREDA informed the stock exchange that it is considering raising up to ₹ 4,500 crore. This fund can be raised through qualified institutional placement (QIP), rights issue, or other means.
Market expert's advice
A market expert said that IREDA shares had gained a lot since listing, but now there is some profit booking at higher levels. IREDA shares have fallen 23% from their all-time high of ₹ 310 last month.
Advice for investors
The expert said, "Currently the stock is trading around the support area of ₹ 235. If this level breaks, it is advisable to exit the position." However, he also said that if IREDA stock remains above this level, investors can 'hold' as there may be a possibility of a rebound. But if it goes below ₹ 230, it is advisable to exit the position.
Technical analysis
The technical analyst also predicted some short-term decline in IREDA shares. Gaba expects a possible decline in IREDA and said that there is strong support on the charts at ₹ 180 - ₹ 200 levels, which is slightly below the current trading level.
We may or may not get a decline, but the basic structure of the chart is positive. It may come down, but buying will be seen at lower levels, although there may be some pain in the short term," the analyst said.
Performance of IREDA shares
From a technical perspective, IREDA stock is currently trading close to its 20-day moving average (DMA), which is located at ₹ 249.8 levels. IREDA made its stock market debut in late 2023, and has registered a growth of nearly 8 times within eight months of going public.
In the current trading session, IREDA shares are trading at ₹ 255.50, up 6.93%. Although the stock has declined 5% in the last one month, it has gained 145% so far this year. At this level, the market capitalization of IREDA is around ₹69,000 crore.
This was the Q1 result
In the exchange filing, the government-owned non-banking finance company has passed loans of Rs 9,210 crore instead of Rs 1,892 crore, an increase of 387%. Loans disbursed were Rs 5,326 crore, while Rs 3,173 crore were disbursed in the same period a year ago. This was 68% higher. The first quarter of FY 25 ended
Why the stock rose
Indian Renewable Energy Development Agency informed after the market closed on Wednesday that its board meeting is going to be held on 29 August 2024. Many decisions can be taken in this meeting for better performance of the company.
Apart from this, approval can also be given by the board to raise funds of Rs 4500 crore. The company will raise this fund through FPO or QIP or rights issue or preferential issue. Due to the indication of approval of the fund, investors preferred to buy shares.
IREDA Share Performance
Within a year, the performance of the company's stock was very good. From December 2023 to 22 August 2024, the company's stock has given a return of 338.17 percent. At the same time, in the last six months, the company's shares climbed 56.67 percent.
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