IREDA Shares Rise 4% After Shareholder Approval for Rs 5,000-Crore QIP Fundraise – News18
Last Updated:
The surge in IREDA’s stock price came after its shareholders approved the company’s proposal to raise Rs 5,000 crore through QIP; Should you invest?
IREDA Shares Rise
IREDA Share Price: IREDA (Indian Renewable Energy Development Agency) shares saw strong demand during Tuesday’s trading session. The government-backed financial services company saw its stock rise by up to 3.7 per cent in early trading, reaching an intra-day high of Rs 178.40.
The surge in IREDA’s stock price came after its shareholders approved the company’s proposal to raise Rs 5,000 crore through the issuance of equity shares to qualified institutional buyers (QIBs) via a Qualified Institutional Placement (QIP).
The approval was granted at the 22nd Extraordinary General Meeting (EGM) held on Monday, February 24. IREDA confirmed in a stock exchange filing that all the resolutions outlined in the EGM notice had been approved and passed by shareholders as special resolutions with the required majority.
According to the notice, the PSU company is focusing on growth opportunities in its existing operations and is exploring various avenues that require capital for further expansion.
Should You Buy IREDA Shares?
Currently, IREDA’s stock price is trading below the key support zone of Rs 181 – Rs 183. However, volume trends suggest a potential bear trap, according to Anshul Jain, Head of Research at Lakshmishree Investment and Securities.
“If IREDA stock sustains above this zone, a sharp bullish reversal could follow. The daily, weekly, and monthly charts will align with the bullish momentum. A breakout above Rs 183 could lead to an immediate rally towards Rs 230, presenting a strong risk-reward opportunity,” Jain stated.
He advises traders to monitor sustained buying interest and price action above Rs 183 to confirm the trend reversal, as a decisive close above this level could signal the next phase of upward momentum.
Over the past month, IREDA’s share price has fallen by 10 per cent, and it has declined by 21 per cent year-to-date (YTD). In the past six months, the stock has dropped more than 32 per cent. However, over the last year, IREDA has posted a positive return of 10 per cent.
