Unlocking Green Potential: IREDA's Soaring Success as a Mini Ratna Firm in Renewable Energy!

Shares of the recently-listed Indian Renewable Energy Development Agency Ltd (IREDA) surged during Friday's trading session, reaching an all-time high. The stock witnessed a significant rise of 14.75%, reaching a lifetime peak of Rs 73.67, surpassing its previous closing price of Rs 64.20.

From a technical standpoint, potential support for the stock is at Rs 68, followed by Rs 65. On the upside, the stock may approach the Rs 80 level in the near term.

AR Ramachandran of Tips2trades expressed a positive outlook on IREDA, noting that it appears to be overvalued compared to its peers. He identified the next resistance at Rs 79.35 on daily charts and recommended investors consider booking profits at current levels. A daily close below the support of Rs 68 could lead to a target of Rs 49 in the near term, according to Ramachandran.

Ravi Singh, founder of DRS Finvest, suggested that the stock could reach Rs 80 in the near term, advising investors to place a stop loss at Rs 65.

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, outlined a support level at Rs 65 and anticipated resistance above Rs 75. He predicted a trading range between Rs 60 and Rs 85 for the next couple of months.

The stock witnessed heavy trading volumes, with approximately 2.18 crore shares changing hands, significantly exceeding the two-week average volume of 1.27 crore shares.

The turnover on the counter amounted to Rs 153.74 crore, resulting in a market capitalization (m-cap) of Rs 19,521.24 crore. Sell orders outnumbered buy orders, with 23,10,514 sell orders compared to 13,65,795 buy orders.

IREDA made a notable debut in the stock market on November 29, listing with a premium of over 56% compared to its initial public offering (IPO) price of Rs 32. This IPO marked the first public issue by a public sector enterprise since the Life Insurance Corporation of India (LIC) in May of the previous year.

IREDA is a government-recognized mini Ratna company operating under the administrative jurisdiction of the Ministry of New and Renewable Energy.