IREDA Shares Soar in Market Debut

IREDA Shares Soar in Market Debut

VoM News Desk | November 29, 2023 | 03:09 PM IST | Breaking News | Follow on Google News

IREDA Shares Soar in Market Debut

IREDA Shares Soar in Market Debut
Shares of the Indian Renewable Energy Development Agency (IREDA) made a remarkable debut on the stock exchanges, listing at ₹50 per share on BSE and NSE. This listing price delivered an impressive gain of over 56% to its allottees compared to the IPO price range of ₹30 to ₹32 per share. The stock’s performance continued to excel, hitting an intraday high of ₹55.85 on NSE, which is around 75% higher than the upper band of its IPO price.

High Trade Volume Indicates Strong Buying Interest
Stock market experts noted a significant trade volume of around 10 crore shares in the pre-listing ceremony, indicating robust investor interest. This volume escalated to approximately 38.50 crore shares within one and a half hours of listing, suggesting sustained buying interest even at elevated price levels. Given this scenario, experts recommend holding the stock with a trailing stop loss at ₹49.50, which should be maintained until it reaches around ₹49 per share.

Optimistic Outlook and Investment Advice
Prashanth Tapse, a senior research expert, commented on the strong listing of IREDA, highlighting its potential as a key player in the Indian renewable energy sector. He anticipates decent demand for the shares post-listing, given the overwhelming response from various investors. Arun Kejriwal, another market expert, advised cautious investors to maintain their holdings in IREDA shares, citing the high trade volume and sustained post-listing buyer interest. He recommends a stop loss at ₹49.50 for these investors. Tapse further advises both allottees and potential investors to hold IREDA shares for the long term, expecting the market to reward its growth potential and visibility.

VoM News Desk

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