IREDA SHARE STRATEGY: PSU GREEN ENERGY STOCK AVAILABLE AT 16% DISCOUNT OVER ALL-TIME HIGH; BUY?

IREDA Share Price Today, Strategy: Shares of Indian Renewable Energy Development Agency Limited (IREDA) have corrected over 16 per cent from its all-time high of Rs 310. On Friday, July 26, the green energy stock was closed in the red at Rs 258.63 per share on the NSE, down 0.98 per cent against previous close.

IREDA is a Navratna public sector undertaking (PSU) under the administrative control of Ministry of New and Renewable Energy (MNRE). Formed in 1987, IREDA is engaged in promoting, developing and extending financial assistance for setting up projects. IREDA is also registered with Reserve Bank of India as NBFC and is classified as a loan company.

IREDA Share Strategy

Avinash Gorakshakar, Head Research at Profitmart and an ET NOW panellist recommends holding the stock.

In an episode of ET NOW Swadesh aired on Friday, July 26, Gorakshakar said, "In the renewable financing space, IREDA is a major player, and the government is heavily focused on renewable energy. I believe that while there were only a few announcements in the Union Budget, the government will keep incentivising this sector in the coming years. Given the current commentary and the Q1 numbers from IREDA, if your outlook is for at least 12-15 months, it is worth holding on to your investment."

Gorakshakar further believes that IREDA is poised to report better financial results in the coming future.

He said, "Although it is somewhat volatile right now because the stock has surged significantly from lower levels, if your horizon is 12-15 months, stay invested. I believe that better numbers will come in the future, and the FY25 numbers will be significantly better compared to FY24."

IREDA Share Price History

Shares of IREDA has appreciated by 4 per cent in the last week, and over 10 per cent in the past two weeks. Over the past three months and six months, the green energy stock has delivered over 38 per cent and 88 per cent returns, respectively.

Since its IPO price of Rs 32, the share has rallied over 708 per cent till now.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)

2024-07-26T10:22:48Z dg43tfdfdgfd