Indian Renewable Energy Development Agency (IREDA) Stock Hits Record High, Up 190% in 2024

The Indian Renewable Energy Development Agency’s (IREDA) stock has surged to a new peak, escalating by 190% in 2024. Today, the stock attained an all-time high of Rs 304.60, marking a significant milestone in its performance.

IREDA is set to announce its Q1 FY25 earnings report on the domestic brokerage BSE. Phillip Capital anticipates IREDA to exhibit robust results, with a projected net interest income of Rs 501.8 crore, reflecting a 40.8% YoY increase and a 12% sequential growth.

Aditya Agarwal, from Sanctum Wealth, emphasized the positive trajectory of IREDA’s stock movement and advised cautious trading strategies for short-term gains. He suggested targeting buy points around Rs 260 with stop-loss at Rs 230, aiming for a price range of Rs 320-330.

Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, highlighted IREDA’s escalation post the ‘Navratna’ status and its pivotal role in the renewable energy sector, indicating a favorable outlook for investors.

Foreign portfolio investors (FPIs) exhibited an increased interest in IREDA by doubling their stake during the June quarter, reflecting optimistic sentiments towards the stock’s potential growth.

Technically, the stock was observed to surpass multiple SMAs, indicating a bullish trend. The RSI stood at 85.68, highlighting a strong momentum within the stock’s trading spectrum.

Today, IREDA witnessed heavy trading volumes on BSE, with a substantial turnover of Rs 538.05 crore and a market capitalization of Rs 78,267.71 crore, consolidating its position as a key player in the renewable energy financing sector.

IREDA, under the administrative controls of the Ministry of New and Renewable Energy, plays a crucial role in offering financial products and services related to renewable energy projects, contributing significantly to the clean energy transition.