IREDA stock: Shares of Indian Renewable Energy Development Agency Ltd (IREDA) have surged by 253% from their yearly low of Rs 49.99 reached on November 29 last year. The renewable energy stock concluded 11.43% higher at Rs 176.45 on Friday, following the revision of the circuit filter limit by BSE and NSE for the state-run green energy player, now set at 20% from the previous 5%. During the session, shares of IREDA saw a surge of 14.39% to Rs 181.15.
However, IREDA shares are currently down by 18% from their all-time high of Rs 215, which was attained on February 6, 2024. The stock is listed on the bourses at Rs 50 on November 29, 2023.
During the preceding session, IREDA stock witnessed a significant turnover of Rs 356.68 crore, with 205.96 lakh shares changing hands on BSE. IREDA’s market capitalization increased to Rs 47,425 crore.
Riyank Arora, Technical Analyst at Mehta Equities, commented, “The stock has exceeded its notable anchor VWAP resistance level of 157.65 on its daily charts. Considering the current setup, a retreat towards Rs 138-140 offers an advantageous buying chance for the stock. Importantly, a pivotal support level is situated at 120. On the upside, there is potential for higher targets ranging from Rs 180 to 185.”
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, remarked, “The stock has retraced significantly, reaching 78.60% from its peak at Rs 215 levels. Finding support around Rs 133 levels, it has indicated a decent rebound to enhance the bias, surpassing the crucial 50EMA level at Rs 139. With an appealing chart pattern, investors can maintain their position with support around 140 (50EMA level) and anticipate higher targets of Rs 174 and Rs 192 levels soon. However, a decisive breach below the Rs 140 zone would invalidate our perspective.”
Abhijeet from Tips2trade mentioned, “IREDA’s stock price appears somewhat bearish on the Daily charts, encountering robust resistance around Rs 162. A daily closure below the support level of Rs 146 might result in a target of Rs 122 in the short term.”
IREDA disclosed a 67 percent increase in net profit to Rs 335.54 crore for the December quarter. The Q3 earnings performance is primarily driven by the expansion of the loan book and a significant decrease in net non-performing assets (NPAs) from 2.03 percent to 1.52 percent year-on-year.
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Revenue from operations surged by 44.21 percent to Rs 1,253.20 crore in Q3, as compared to Rs 868.98 crore in the corresponding quarter of the previous year. IREDA reported that its loan book increased to Rs 50,579.67 crore from Rs 37,887.69 crore year-on-year, marking a growth of 33.50 percent.
