IREDA Stock Price NSE India
The Indian Renewable Energy Development Agency (IREDA) has recently seen fluctuations are seen in the shares of Indian Renewable Energy Development Agency i.e. IREDA Company.
In Monday’s trading session, the company’s shares were trading at ₹133 with an increase of 3.30 percent. Today, strong profit booking has started in IREDA Stock Price. As of March 20, 2024, the stock closed at ₹129.35 per share, with a day’s trading range between ₹126.70 and ₹133.401. Providing insight into IREDA’s current standing, its current price stands at ₹133.25, with the previous close reported at ₹135.30. Notably, the 52-week high and low for the stock are ₹214.80 and ₹32.00, respectively. With a market capitalization of ₹1,766,862,000,000, the company’s PE ratio is reported at 29.11, with a dividend yield of 1.11%. Trading activity for the day saw a volume of 22,010,436 shares traded.
Key Points
Reasons behind fall of IREDA Stock Prices
IREDA stock price experienced a 1.6% decline during Wednesday’s trading session following the National Stock Exchange’s (NSE) decision to revoke its inclusion in various indices, including Nifty 500, Nifty Midcap 150, Nifty Midcap 100, Nifty 200, Nifty LargeMidcap 250, Nifty MidSmallcap 400, and Nifty Total Market. The stock opened at ₹127.35 per share on the Bombay Stock Exchange (BSE) today, touching an intraday low of ₹127.25 and a high of ₹129.90 per share.
This decision was based on IREDA’s violation of SEBI Portfolio Concentration Norms for Equity Exchange Traded Funds (ETFs) and Index Funds linked to impact cost, as disclosed in a filing from the NSE. The inclusion announcement was made on February 28, 2024, but was subsequently revoked. The adjustments to several indices will come into effect on March 28, 2024, with a closure date of March 27, 2024, as per NSE’s filing.
IREDA plays a crucial role in advancing renewable energy projects in India, making its performance one to watch closely. It’s important to recognize that stock prices can be influenced by various factors, including market conditions and company-specific news.
Indian Renewable Energy Development Agency Company excerpt
Stock market experts have advised to set a stop loss of ₹119 while buying IREDA stock. According to experts, if the IREDA Stock Price go beyond ₹143, they can touch the price of ₹200. After listing in the stock market, IREDA Stock Price would have increased rapidly. In a few weeks the stock would have reached ₹215. Or the issue price of the company’s IPO would have been ₹32. And the share would have been listed at ₹50.
The President and Administrative Director of Nuktach Indian Renewable Energy Development Limited Company has issued a statement saying, “The company is considering setting up a sub-company to complete the rooftop solar, PM-KUSUM, electric and retail projects related to the B2C department. IREDA company will establish a 100% subsidiary to expand business in the retail sector after the approval of the Government of India.
About IREDA Ltd
IREDA, a Mini Ratna (Category – I) Government of India Enterprise under the Ministry of New and Renewable Energy (MNRE), is a Public Limited Government Company established in 1987. Functioning as a Non-Banking Financial Institution, it promotes, develops, and provides financial assistance for projects related to new and renewable energy sources, along with energy efficiency and conservation, guided by the motto “ENERGY FOR EVER”.
Recognized as a “Public Financial Institution” under section 4 ‘A’ of the Companies Act, 1956, and registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI), IREDA aims to be a pioneering, participant-friendly, and competitive institution for financing and promoting sustainable investments in renewable energy generation, energy efficiency, and environmental technologies for sustainable development, adhering to its motto “Energy for Ever”.
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