Updated Jul 9, 2024 15:01 IST
IREDA shares on Tuesday hit a new 52-week high. (Pic: Shutterstock/ET NOW)
IREDA Share Price Target 2024: IREDA shares in an upward trend for the past few sessions, provides investors with an opportunity to profit from rising prices. On Tuesday, the PSU stock once again made a new high and also crossed the Rs 250-mark for the first time.
IREDA shares opened in the green at Rs 251.01 and went on to hit a new high of Rs 254. However, a sharp profit booking was seen in the stock soon after the positive start. The counter traded in the red at Rs 236 apiece, down 4 per cent around noon. More than 5 crore shares the company changed hands around the same time.
IREDA shares gave a breakout above Rs 200-mark which it crossed last week amid anticipation that the government could announce measures for the renewable power sector.
IREDA Share Price Target 2024
Mahesh Ojha of Hensex Securities has told ET NOW Swadesh viewers that IREDA is a good company and government’s focus on the renewable energy makes it a good buy.
“IREDA is definitely a good stock. My suggestion is to buy whenever there is a dip in the price. The upside momentum will stay for now and if price fall, then one should look for a buying opportunity. The long-term story of IREDA is strong,” he said.
Speaking about IREDA shares price target, he said, “The long-term target is Rs 300… in fact, 300+ is possible. Margins is very good.”
IREDA FPO Latest News
Speaking to ET NOW Swadesh earlier this week, IREDA CMD Pradeep Kumar Das had said that the IREDA FPO could be launched by end of 2025.
“We hope that the FPO of IREDA may come by the end of this year or early next year,” he said.
IREDA IPO Details
IREDA IPO was launched in November 2023. The state-run company issued its equity shares at Rs 32 apiece. Its shares delivered a huge listing gain of more than 85 per cent.
IREDA commands a market cap of Rs 63,753.78 crore, as per BSE website on July 9.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
