For the sixth straight session, Indian Renewable Energy Development Agency Ltd. (IREDA) shares saw advances on Friday. The stock ended the day at Rs 176.45, up 11.43 percent. The counter has increased by 30.08 percent at this price during the last five trading days. The scrip was down 17.93% from its record high value of Rs 215, which was reached earlier this year on February 6, notwithstanding the aforementioned increase.
The state-run lender for renewable energy said recently that it has sanctioned loans of Rs 37,354 crore, the biggest amount ever, for the fiscal year 2023–2024 (FY24). The total amount disbursed for loans was Rs 25,089 crore.
At Rs 59,650 crore, IREDA's total loan book represents a rise of 26.71%. In the quarter ending in March 2024, loans approved increased by 101.71% annually to Rs 23,796 crore.
For the most part, technical experts were optimistic about the counter. One of them proposed that it might return to its peak at any moment in the past. Having stated that, emergency assistance will cost about Rs 170.
"The stock looked strong on daily charts," stated Religare Broking's Senior Vice-President (Retail Research), Ravi Singh. The anticipated short-term goal is Rs 185. Maintain your stop loss at Rs 170."
Technical Research Analyst Shiju Koothupalakkal of Prabhudas Lilladher stated: "The stock has bottomed out at Rs 121 to regain strength after retreating quite a bit from the peak zone of Rs 215." It may reach the Rs 188 mark. It can then retest the Rs 215 zone after that. The near-term support level will remain at about Rs 155."
Anand Rathi Shares and Stock Brokers' senior manager of technical research analysis, Jigar S. Patel, stated: "Rs 168 and 186 will be the resistance and support levels, respectively. A strong closing over Rs 186 might lead to more gains up to Rs 199. For a month, the anticipated trading range is between Rs 160 and Rs 200."
The Ministry of New and Renewable Energy has administrative authority of IREDA, a small Ratna company. From project idea to project completion, the organization 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.
