Following the news of the board of directors meeting to examine and accept the increase, Indian Renewable Energy Development Agency (IREDA) shares rose significantly during morning trading on Thursday. The IREDA share price started at ₹246 per share and reached an intraday high of ₹259.40 on the NSE, representing a roughly 7% increase from Wednesday's closing of ₹238.95 per share.
IREDA's board meeting this month will debate and approve a big fundraising request. The ₹4,500 crore plan is projected to significantly harm the company's financial condition. Experts anticipate that IREDA's share price will continue to rise and may reach ₹300 in the near term.
Why is IREDA's stock price rising?
Avinash Gorakshkar, Head of Research at Profitmart Securities, commented on the jump in IREDA's share price today, saying, "The IREDA share price is on an upward due to the fundraising hype. The PSU's board of directors will meet on August 29 to endorse the ₹4,500 crore fundraising request. This is the rationale for the bull run in the PSU stock."
According to Gorakshkar, the market believes IREDA is considering funding, implying that the company's order flow would be continued.
IREDA's stock price goal
Expecting greater upside for IREDA shares, Sumeet Bagadia, Executive Director at Choice Broking, stated that "IREDA shares are looking positive on the chart pattern." IREDA owners might hold the stock with a stop loss around ₹235 and aim for near-term targets of ₹280 and ₹300 per share.
