IREDA stock surges 17% to all-time high before earnings, analysts recommend holding

From Business Today: 2024-07-11 05:48:40

Shares of Indian Renewable Energy Development Agency Ltd (IREDA) surged 17.26% to hit an all-time high of Rs 289.45, up 174.10% YTD. The stock has gained momentum after receiving ‘Navratna’ status and is a key beneficiary in the renewable energy sector.

IREDA’s IPO price was Rs 32, and it has shown stellar returns since its listing on November 29. Analysts recommend maintaining a trailing stop loss for short- to medium-term investors, while long-term investors can hold with upcoming earnings in focus.

Scheduled to announce quarterly earnings on July 12, IREDA is being closely watched by investors. Technical analysts suggest a support level at Rs 254 and resistance at Rs 290, with a potential upside towards Rs 295 upon a decisive close above Rs 290.

With heavy trading volume on BSE, IREDA saw 1.48 crore shares change hands, higher than the two-week average volume. The turnover stood at Rs 391.60 crore, with buy orders exceeding sell orders. The market capitalisation reached Rs 77,044.78 crore.

IREDA, a mini Ratna firm under the Ministry of New and Renewable Energy, provides financial products and services for renewable energy projects from inception to completion. Traders should maintain a strict stop loss, as the stock is fairly valued and could see a 5-10% increase from current levels.



Read more at Business Today: IREDA shares zoom 17% to hit fresh record high ahead of quarterly results