Today’s closing price of IREDA shares on the BSE was Rs 173.30, a 1.15% decrease. The company’s market value was Rs 47,250 crore.
Following the results of the Lok Sabha Election, shares of the Indian Renewable Energy Development Agency (IREDA) have been trading in a range. The day of the election results announcement, June 4, saw the closing price of IREDA stock at Rs 167.35. Compared to the close of Rs 191.9 on June 3, they decreased by 13%. Since then, the stock has become range-bound, fluctuating between the levels of Rs 167 and Rs 179 up to the present.
During the current session, the price of IREDA stock was unchanged. From the previous close of Rs 178.05 on the BSE, it increased to Rs 178.95 intraday. The company has a market capitalization of Rs 47,250 crore. Afterwards, the BSE closed IREDA shares 1.29% down at Rs 175.75. The company has a market capitalization of Rs 47,237 crore.
But from their all-time high of Rs 215 reached on February 6, 2024, IREDA shares are down 18.13%.
On Wednesday, there was a significant turnover of Rs 42.52 crore in IREDA shares on the BSE, with 24.14 lakh shares changing hands. IREDA has a market capitalization of Rs 47,250 crore.
According to Avdhut Bagkar, Technical Analyst at StoxBox and Derivatives Analyst, “The price action has turned sideways following the election outcome.” In the near future, there may be an accumulation in the rangebound trade between the levels of Rs 185 and Rs 160. The counter would move toward Rs 225 and Rs 250 if there was a breakout over Rs 200. Nonetheless, a decline to Rs 130 and Rs 115 levels may occur if the closing bias is breached around Rs 160. Additionally, the Relative Strength Index (RSI) has cooled off, indicating no significant movement. Sluggish momentum is evident on the weekly and monthly charts, and a decisive breakout is still pending. Only then might traders show attention in the price motion.”
Anand Rathi’s Jigar S. Patel said that there would be resistance at Rs. 186 and support around Rs. 165. A strong closing over Rs 186 could lead to additional gains up to Rs 200. For the near term, the anticipated trading range is between Rs. 175 and Rs. 200.”
Technically speaking, the stock’s relative strength index (RSI) is 50, indicating that it is not trading in the overbought or oversold range.
On November 29, 2023, shares of IREDA stock were first listed on the market for Rs 50. At a premium of 56.25% above the Rs 32 IPO issue price, the listing was completed.
November 21, 2023, until November 23, 2023, was when the IPO was open. The IPO of IREDA had a lot size of 460 shares and a price range of Rs 30-32 per share.
A government enterprise classified as a Mini Ratna (Category I) is IREDA. The Ministry of New and Renewable Energy (MNRE) is in charge of its administrative affairs. For more than 36 years, IREDA has been actively developing, promoting, and providing financial assistance for energy efficiency and conservation initiatives as well as new and renewable energy projects.
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