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This Renewable PSU Stock rises over 3%, surges 9% in 12 months, Check here to know details

by Psu Connect
Date: 21-02-25

As of 11:22 a.m., the stock was trading 5.7% higher at Rs 183.70 per share, after reaching an intraday peak of 8%.

Shares of Indian Renewable Energy Development Agency Ltd. (IREDA), a public sector unit (PSU), have increased by nearly 10% over the past five days.

As of 11:22 a.m., the stock was trading 5.7% higher at Rs 183.70 per share, after reaching an intraday peak of 8%. The company plans to issue bonds maturing in 11 years to raise up to Rs 1,500 crore, according to sources. These bonds will be offered in the market on February 24.

Additionally, the National Stock Exchange announced that it will introduce futures and options contracts for IREDA starting February 28. This move is subject to eligibility conditions, and details regarding market lot sizes, strike price schemes, and quantity freeze limits will be announced on February 27.

Furthermore, IREDA's wholly-owned subsidiary, IREDA Global Green Energy Finance IFSC Ltd., received its registration certificate from the International Financial Services Centre Authority on February 18, allowing it to operate as a finance company in GIFT City, Gujarat.

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The stock has risen 9.1% in the last 12 months and 200% since listing in November 2023. The total traded volume so far in the day stood at 4.1 times its 30-day average.

The relative strength index was at 47. Of the two analysts tracking the firm, one has a 'buy' recommendation and one suggests a 'sell.'. The average of 12-month analysts' price target of Rs 200 implies a potential upside of 10%.

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