Shares of the Indian Renewable Energy Development Agency Ltd (IREDA) have experienced a consecutive two-day decline, with the stock falling by 9.72%, triggering concerns among investors. Despite the recent dip, the stock has shown remarkable resilience since its initial public offering (IPO), surging by an impressive 490.63% from its IPO price of Rs 32.
Analyzing Technical Setups:
Analysts studying the technical setup of IREDA’s stock have expressed a bearish outlook, highlighting potential challenges in the near term. The stock’s major support is anticipated around Rs 170, and a breach below this level may intensify the downward pressure. Investors, however, are advised to monitor the Rs 180 level, as a decisive hold above this mark could signal a potential reversal and a second round of upward movement.
Expert Opinions:
Ravi Singh, Founder of DRS Finvest:
“IREDA stock is looking weak and may slip towards Rs 170 level. Resistance is expected at Rs 200.”
AR Ramachandran from Tips2trades:
“The stock price appears bearish and extremely overbought on daily charts, encountering strong resistance above Rs 200.”
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher:
“The stock has witnessed a significant rally within a short timeframe. Near-term support is projected around Rs 180, and a potential consolidation phase is expected. Entry for a second momentum round may be considered. Our view gets negated only with a decisive breach below Rs 168, indicating weakening trends.”
IREDA’s Recent Financial Performance:
IREDA reported a notable 67.2% increase in its quarterly net profit, reaching Rs 335.54 crore. The revenue from operations for the quarter witnessed a growth of 44.21%, standing at Rs 1,253.20 crore compared to Rs 868.98 crore in the corresponding quarter last year. Additionally, the firm’s loan book exhibited robust growth, reaching Rs 50,579.67 crore, a 33.50% increase from the previous year.
About IREDA:
IREDA, a mini Ratna firm under the Ministry of New and Renewable Energy, specializes in offering a comprehensive range of financial products and services related to renewable energy projects. This includes support from project initiation to completion, covering activities such as equipment manufacturing and transmission.
