IREDA Shares Continue Bearish Trend with 4.15% Decline

IREDA Shares Continue Bearish Trend with 4.15% Decline

VoM News Desk | March 5, 2024 | 02:49 PM IST | Breaking News | Follow on Google News

IREDA Shares Continue Bearish Trend with 4.15% Decline

IREDA Shares Continue Bearish Trend with 4.15% Decline

IREDA (Indian Renewable Energy Development Agency) shares face another decline, falling by 4.15% to ₹146.55 per share in today’s intraday session, following a 5% drop in the previous session. The stock, which hit an all-time high of ₹214.80 on February 6, has experienced a 32% correction due to profit-taking.

Bearish Momentum and Technical Analysis

Rajesh Bhosale, Technical Analyst at Angel One, notes the prevailing bearish momentum, suggesting a potential key retracement level at ₹130. A breach below this level could signal further weakness. Conversely, any short-term rebound may encounter resistance in the 165–175 zone, attracting latecomers to exit long positions.

Recent Collaborations and Strengthened Partnerships

IREDA recently collaborated with Punjab National Bank through a Memorandum of Understanding (MoU) to advance renewable energy initiatives in India. The collaboration includes joint lending, loan syndication, management of Trust and Retention Account, and exploring competitive terms for sanction.

This partnership enhances IREDA’s existing successful collaborations with prominent financial institutions like Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Limited, Bank of Maharashtra, and Indian Overseas Bank.

IREDA, established in 1987, is a Government of India enterprise under the Ministry of New and Renewable Energy. Focused solely on the renewable energy sector, it holds a significant share of credit towards the RE sector among power financing NBFCs.

Financial Performance in Q3FY24

In the recent December quarter, IREDA reported a 67.15% YoY rise in net profit to ₹335.54 crore and a 44.22% YoY increase in revenue from operations, reaching ₹1,252.85 crore. The company’s robust financial performance reflects its commitment to innovative financing in renewable energy and environmental technologies.

VoM News Desk

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