Indian stock market today: IREDA share price jumps 3% on fundraise move. Buy, sell or hold?
Stock market today: Shares of the Indian Renewable Energy Development Agency (IREDA) Limited witnessed strong buying interest during early morning deals on Friday. IREDA share price today opened upside at ₹133.70 and went on to touch an intraday high of ₹136.40 apiece on NSE, logging an intraday rise of over 3 percent in the early morning session.
According to stock market experts, IREDA share price is rising today as the PSU company has declared plans to raise ₹24,200 crore in FY2024-25 through borrowing. The company board is going to consider and approve this fundraising proposal in its upcoming meeting scheduled on 28th March 2024.
Asked about the reason for the rise in IREDA share price today, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “IREDA has declared fundraising to the tune of ₹24,200 crore through the borrowing. The board of directors of the company is going to consider and approve this proposal in their upcoming board meeting this month.
So, the market is reacting to this fundraising move." Expecting more upside in IREDA share price, Sumeet Bagadia, Executive Director at Choice Broking said, “IREDA shares have made a strong base at ₹120 apiece level. So, IREDA shareholders are advised to maintain strict stop loss at ₹120 apiece level.
IREDA share price may go up to ₹145 to ₹150 per share level in the short-term." On suggestion to the fresh investors, Sumeet Bagadia of Choice Broking said, “Fresh investors can buy IREDA shares at the current level maintaining stop loss at ₹120 for the short-term target of ₹150." Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified
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