IREDA shares hit 5% upper circuit on fundraising plan
Shares of the state-owned Indian Renewable Energy Development Agency (IREDA) climbed 5% to hit an upper circuit at Rs 138.6 on BSE after the firm declared plans to raise Rs 24,200 crore in FY 2024-25 through borrowing.
Shares of the state-owned () climbed 5% to hit an upper circuit at Rs 138.6 on BSE after the firm declared plans to raise Rs 24,200 crore in FY 2024-25 through borrowing."Board meeting of Indian Renewable Energy Development Agency Limited will be held on Thursday, March 28, 2024, inter-alia, to consider the matter w.r.t. Borrowing programme up to Rs 24,200 Crore for FY 2024-25 (borrowing includes fundraising through issuance of bonds, term loans, Commercial Paper etc. from domestic & international markets)," the company said in an exchange filing on Thursday after market hours.
IREDA is a multibagger stock as from its IPO listing price of Rs 50 per share, rallied 177%. Meanwhile, the stock has also surged 333% from its issue price of Rs 32 per share. Despite these impressive gains, the stock is currently trading 35.5% lower than its all-time high of Rs 215, reached on February 6, 2024. The stock went public on November 29, 2023.
With Friday's rally, IREDA's market cap stood at Rs 37,265 crore mark.
In Q3 FY24, IREDA reported a 67.15% year-on-year rise in its net profit to Rs 335.54 crore. The company had reported a profit of Rs 200.75 crore in the year-ago period.
Its revenue from operations stood at Rs 1252.85 crore during the quarter ended December from Rs 868.67 crore in Q3FY23, a YoY jump of nearly 44.22%.
As per Trendlyne data, the average target price of the stock is Rs 80, which shows a downside of 42% from the current market prices. The consensus recommendation from one analyst for the stock is a 'Strong Sell'.
In terms of technicals, the relative strength index (RSI) of the stock stands at 41.4, signaling it's neither trading in the overbought nor in the oversold territory. MACD is at -6.5, which is below its signal and center line, this is a strong bearish indicator.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Source: Stocks-Markets-Economic Times
