Ireda Share Price Overview
The Indian Renewable Energy Development Agency Limited (IREDA) had a sharp increase in share price when the interim budget was announced on February 1, 2024. On February 6, the share price reached an all-time high of ₹215. But since then, the share has drastically declined, falling by 26% from its peak.
Ireda Share Price Market Performance
IREDA’s shares had a significant 5% decline in the most recent trading session, closing at ₹159.40 on the Bombay Stock Exchange (BSE) as opposed to the previous closing level of ₹167.75. It’s important to note that on November 29, 2023, IREDA’s shares went on sale in an initial public offering (IPO) with a price range of ₹30–32 per share. The stock debuted at a premium of 56.25% over the issue price on the BSE and the National Stock Exchange (NSE), despite the recent volatility.
Ireda Share Expert Advice
According to Shiju Koothuppalakkal, an analyst at Prabhudas Lilladher, “the stock has shown a breakout near the lower level of the ₹185 range on the daily chart. Nevertheless, encouraging signs exist. We believe the share may rise back above ₹185 after leveling off around ₹154.” In a similar vein, Abhijit from Tips2Trades pointed out that “On the daily chart, IREDA stock is showing weakness towards the downside and is running into significant resistance above ₹186. The share may fall to ₹124 in the future.”
Ireda Share Financials
The December quarter’s financial results for IREDA highlight the company’s ability to withstand changes in the market. The net profit experienced a remarkable 67% growth to ₹335.54 crore, driven by a notable increase in the loan book and a noteworthy decline in net non-performing assets (NPAs) from 2.03% to 1.52% on an annual basis. Furthermore, compared to the same period previous year, revenue from operations experienced a strong growth of 44.21% to ₹1,253.20 crore in the third quarter.
Disclaimer: The professional insights provided herein offer valuable viewpoints to assist investors in navigating market volatility. However, it’s essential to acknowledge that these insights are intended solely for informational purposes and should not be construed as personalized investment advice. Investors are encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. The opinions expressed by professionals are based on their analysis of market trends and should be utilized as part of a comprehensive decision-making process in the dynamic realm of finance.