Shares of IREDA dipped 1.80% to Rs 185.55 during Friday’s session, with the company’s market cap decreasing to Rs 49,871 crore. The firm saw significant activity with 25.24 lakh shares traded, leading to a turnover of Rs 47.79 crore on the BSE.
IREDA has been in the spotlight as it was recently added to the FTSE All-World, All Cap index following FTSE’s May supplementary review. Other companies like JSW Infrastructure and Tata Technologies were also included in the UK-based stock market indices.
Technically, IREDA’s Relative Strength Index (RSI) is at 62.8, showing that the stock is neither overbought nor oversold. It is currently trading above its 5, 10, 20, 30, 50, and 100-day moving averages, showing strong upward momentum.
Since its IPO, IREDA’s shares have rocketed 479% from an issue price of Rs 32 to a record high of Rs 215 on February 6. The stock debuted with a 56.25% premium over its IPO price on November 29, 2023, reflecting robust investor confidence.
As a government-controlled Mini Ratna (Category – I) enterprise, IREDA has been a key player in promoting and financing projects in renewable energy, energy efficiency, and conservation for more than 36 years, driven by the Ministry of New and Renewable Energy (MNRE).
