IREDA shares: Indian Renewable Energy Development Agency Ltd. (IREDA) saw a 2.50 percent increase in shares on Thursday, reaching a high of Rs 139.50. From the price of Rs 32 during its initial public offering (IPO), the multibagger scrip has increased 335.94 percent.
On November 29 of last year, IREDA made a spectacular debut on the stock market.
The company’s board approved a borrowing program of up to Rs 24,200 crore for the financial year 2024–25 (FY25), which is what caused the share price to rise today.
The borrowing encompasses fundraising through various avenues including taxable bonds, green taxable bonds, subordinated Tier-II bonds, perpetual debt instruments (PDI), green Masala bonds, green foreign currency bonds (USD/EUR/JPY), foreign currency bonds (USD/EUR/JPY), term loans from domestic banks and financial institutions, lines of credit from international agencies, public and private placement of tax-free bonds, capital gains bonds, commercial papers, short-term loans, cash credit (CC), working capital demand loans (WCDL) from banks, foreign currency non-resident (FCNR -B) loans from banks, and external commercial borrowings (ECB) from both domestic and international financial markets.
On the technical setup, support on the counter was seen at Rs 130. Support will be at Rs 130, with resistance at Rs 145. A decisive close over Rs 145 may spark a fresh rally to Rs 155. Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, predicted a monthly trading range of Rs 120 to Rs 160.
The stock appeared sluggish on the daily charts and might drop to the Rs 125 mark. Resistance is expected to be near Rs 145, according to Ravi Singh, Religare Broking’s Senior Vice-President for Retail Research.
Under the administrative jurisdiction of the Ministry of New and Renewable Energy, IREDA is a small Ratna administrative.
From project idea to project completion, the business provides a wide range of financial solutions (both fund- and non-fund-based) and associated services for renewable energy projects and related operations including equipment production and transmission.
Also Read: ICICI Securities shares
Disclaimer: Stockeasynow provides stock market news for informational purposes only and should not be construed as investment advice. Readers are strongly encouraged to consult with a qualified financial advisor before making any investment decisions.
