Indian Renewable Energy Dev Agency (IREDA) Shares Surge on Strong Buying Interest

Indian Renewable Energy Dev Agency (IREDA)

Shares of the Indian Renewable Energy Dev Agency (IREDA) witnessed robust buying interest during early morning trading on Saturday. IREDA’s share price opened at ₹141.40 on the BSE and quickly reached an intraday high of ₹145.80 per share, hitting a new lifetime high during the historic Saturday session.

Market Analysis and Expectations

  • Experts anticipate IREDA’s average cost of funding and Net Interest Margins (NIMs) to remain stable in Q3FY24.
  • The market is expecting healthy growth in the company’s top line for the October to December 2023 quarter.
  • IREDA’s share price experienced a technical breakout at the ₹125 per share level.
  • If Q3 results align with market expectations, analysts believe IREDA’s share price could soon touch the ₹172 zone.

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IREDA Q3 Results Preview

Shreyansh V. Shah, Research Analyst at StoxBox, stated that IREDA, being fully owned by the Government of India (GoI), holds strategic importance for the promotion and development of the Renewable Energy (RE) sector in India. With stable average cost of funds and NIMs, coupled with co-financing deals and financial flexibility, the company is expected to mobilize funds at competitive rates. Anticipating increased consumption in the energy sector and new capex plans in the power sector, analysts foresee a healthy growth in IREDA’s top line in Q3FY24.

IREDA Share Price Target

Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher, expects further upward movement in IREDA shares. After the IPO listing, the stock witnessed a significant spurt and, following a correction to support near ₹96 levels, it consolidated before a breakout above the ₹125 resistance zone. With a positive overall bias, analysts predict IREDA’s share price to continue its upward trajectory, targeting the next levels at ₹156 and ₹172, with a stop loss at ₹125.

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