IREDA Share Price: Small retail investors or those with authorised share capital of less than ₹2 lakh, increased their stake in Indian Renewable Energy Development Agency (IREDA) Ltd., during the July-September quarter, data available on the BSE indicated.
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At the end of the September quarter, retail investors held a 19.88% stake in IREDA, compared to the 18.59% stake they held at the end of the June quarter.
Retail Investors in IREDA
The number of retail investors in IREDA also increased to 25.86 lakh from 22.15 lakh during the June quarter.
India’s Mutual Funds still do not have a significant exposure to IREDA with their stake remaining constant at 0.2%.
At the end of the September quarter, the government still held a 75% stake in the company.
IREDA’s stock gained 23%
IREDA’s stock gained 23% during the July-September period. However, this is the quarter in which the stock made a record high of ₹310 and then saw significant selling pressure. Currently, the stock is still 30% below its record high levels.
The stock is also in focus ahead of its ₹4,500 crore fund raising plan in which the government may dilute up to 7% of its equity.
For the first half of the current financial year, which ended on September 30, the loans sanctioned by IREDA increased by 303% from last year to ₹17,860 crore from ₹4,437 crore worth of loans that it sanctioned during the same period last year.
IREDA Quarter Results
IREDA will be reporting its September quarter results on Thursday, October 10.
“IREDA had a very strong run this year on back of strong volumes. However, it has now corrected over 30% from the top in recent times. The price is trading below its 89-Day Exponential Moving Average for the first time along with a wedge breakdown. It is also trading in formation of lower high and lower low which is a characteristic of a downtrend, however, the fall has been seen in absence of major volumes suggesting a close above ₹235 levels can result in resumption of upside towards life high levels,” Gaurav Bissa of InCred Equities said.
IREDA most successful IPOs
IREDA is one of the most successful IPOs over the last 12 months, having listed at an IPO price of ₹32 and at its peak, was up nearly 10x from those prices.
Shares of IREDA ended 3.5% higher on Wednesday at ₹232.25.
First Published: Oct 9, 2024 5:56 PM IST
