The state-run renewable energy financier has been included in the FTSE All World Index, the adjustment for which will take place in today’s trading session.
IIFL Alternate Research is anticipating inflows worth $57 million into shares of IREDA on Friday.
Shares of IREDA snapped a four-day losing streak on Thursday and are now extending their gains for the second straight session.
The street though, is divergent on IREDA’s prospects. While some chartists see levels of ₹220 – ₹230 on the stock, those tracking the fundamentals, call it expensive
Having listed in November last year at an IPO price of ₹32, the stock made an all-time high of ₹214 within a few days of listing. Soon after, the stock faced a sharp correction, even falling to levels below ₹100, but has recovered swiftly since then.
The company recently listed plans to become a “Maharatna” company by financial year 2030. The company plans to grow its disbursements by 5x and loan book by 6x during this time frame. Only on Thursday, 147.5 crore shares of the company or 55% of its outstanding equity became eligible to trade after the end of its lock-in period.
Shares of IREDA are currently trading 3.5% higher at ₹183.7. The stock has risen 76% so far in 2024.
