Indian Renewable Energy Development Authority (IREDA) share price fell 5 per cent in the last five trading days. But, in the last trading session, i.e., on Friday, this stock closed at Rs 180.75 on the NSE with a gain of 1.37 per cent. Market experts are considering this stock for the long run. They say that every fall in this stock is an opportunity to buy and investors should not miss this opportunity. In April, IREDA got the status of Navratna and it plans to become Maharatna by 2030.
IREDA share is a multi-bagger. Last year, on November 29, it was listed in the stock market at Rs 50 against the issue price of Rs 32. In the last six months, this stock has gained 155 per cent, while in 2024, this stock has strengthened by 72 per cent so far. Since listing, this stock has given 200 per cent profit to the investors.
SEBI registered market expert Rajesh Satpute believes that IREDA is a good stock as long as it remains above Rs 160. If it breaks the level of Rs 190, it can reach the level of Rs 230-240. Rajesh has advised existing investors to hold IREDA shares. Similarly, Vaishali Parekh of brokerage firm Prabhudas Lilladher believes that IREDA shares are getting strong support at the level of Rs 155 and if it crosses the level of Rs 195, it can reach the level of Rs 230.
IREDA shares were listed on November 29, 2023, and were issued to IPO investors for Rs 32. On the day of listing, it opened at Rs 50 and closed at an intra-day high of Rs 59.99. It reached a record high of Rs 214 on February 6, 2024. Talking about the business health of the company, its profit jumped 33 per cent year-on-year to Rs 337.4 crore in the March quarter.
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