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Indian Renewable Energy Development Agency Limited (IREDA) shares witnessed strong momentum on Friday amid high trading volumes. The stock opened higher at Rs 153.45 compared to its previous close of Rs 150.05. It touched an intraday high of Rs 157.55 and a low of Rs 150.85 before closing at Rs 157.25, up 4.87% over the previous close.
The scrip traded significantly higher with volumes of 2,46,14,814 shares, compared to its 30-day average trading volume of 1.5 crore shares. The total traded value was Rs 38,079.12 lakhs.
IREDA’s market capitalization stands at Rs 42,34,573.29 lakhs. The stock has given a stellar return of 75% over the last year compared to Nifty 50’s return of 12% over the same period.
IREDA is engaged in renewable energy financing and has seen strong growth in its loan book. The company reported a 66% jump in net profit at Rs 492 crore for the first half of FY2024, driven by higher revenues.
Experts are bullish on the IREDA stock given the strong growth outlook for India’s renewable energy sector. The stock is trading at an attractive valuation of 9 times FY2025 estimated earnings.
