IREDA Shares Surge Ahead of Q1 Results Announcement

Shares of Indian Renewable Energy Development Agency (IREDA) have witnessed a significant surge in the past three trading sessions ahead of the company’s scheduled announcement of its Q1FY25 financial results. The stock climbed from Rs 240.53 to Rs 303.70 per share on the National Stock Exchange, marking an impressive 25% increase.

This upward momentum in IREDA’s stock price comes as market analysts anticipate strong quarterly results from the PSU company. With a focus on financing the renewable energy sector, IREDA’s business growth is expected to maintain a healthy pace of around 25-30% CAGR, with a targeted market share of approximately 29% in incremental financing.

As per Manish Chowdhury, the Head of Research at StoxBox, IREDA exhibited robust loan statistics in the June quarter, recording notable year-on-year increases in loan sanctions and disbursements. The company is poised to deliver strong Q1FY25 financial figures.

Amit Goel, the Co-Founder and Chief Global Strategist at Pace 360, highlighted the significance of IREDA’s role in promoting, developing, and financing renewable energy and energy efficiency projects in India. He pointed to the Union Budget 2024 trigger that could further boost the company’s prospects.

Technical analysis of IREDA shares by Sumeet Bagadia, the Executive Director at Choice Broking, suggests a positive outlook. The stock has established a firm base at Rs 250, and experts believe that it may reach Rs 350 in the near term, provided it overcomes the immediate resistance levels.