New Delhi: Shares of the power sector Navratna PSU Indian Renewable Energy Development Agency (IREDA) rose by 8.5% this morning. This is the fifth consecutive day of rise in the shares of the state-owned company during this week. IREDA has gained up to 14% in five consecutive trading days amid a recovery environment in PSU stocks. On Wednesday also, IREDA shares rose by 3.5%, due to which the shares have registered a correction of 14% in this five-day recovery period. At present, it is still about 34% below its record high of ₹ 310.00 which was on 15 July 2024.
During this period, IREDA stock crossed its 200-DEMA of ₹ 199 and is now testing the 50-day moving average of ₹ 211. On Thursday, IREDA also made an intraday high of ₹ 213. However, according to technical indicators, IREDA shares are currently in a 'neutral' position, and its Relative Strength Index (RSI) is 56, which means that the stock is neither overbought nor oversold.

IREDA shares hit a record high of ₹ 310 in July this year, which represents a rise of almost 10 times from its IPO price of ₹ 32. However, the stock declined 40% thereafter and is currently rising again after hitting a low of ₹ 181 on November 22. According to financial analysts, ICICI Securities has a BUY recommendation for IREDA with a target price of ₹280, while Phillip Capital has a SELL recommendation with a target price of ₹130.
 

Quarterly Result

Looking at the financial results of the company, IREDA recorded a 44% year-on-year growth in loan disbursement and 36% year-on-year growth in assets under management (AUM) in the September quarter. However, gross NPA remained stable at 2.19% in this quarter, while net NPA increased from 0.94% to 1.05%. Currently, IREDA shares are trading at ₹ 206.17 with a gain of 4.5%, and in 2024 it has risen by 97% so far.

Stock Performance

Shares of the Indian Renewable Energy Development Agency (IREDA) are trading at ₹205 at 3:12 pm, showing a gain of 5.17% today. The company has a P/E ratio of 38.6 and a book value of ₹34.7. IREDA is 75% owned by the Government of India and has 'Navratna' status. It has given a return of 229% in the last one year, although it has declined by -18.4% in three months. The company has a return on equity (ROE) of 17.3% and a debt-to-equity ratio of 5.85. IREDA is India's largest green financing NBFC providing financial assistance for renewable energy projects.