IREDA turns a multibagger, gains another 11%

Several analysts recommend holding the stock for the medium to long term due to the state-run company’s strong fundamentals and growth potential

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The Indian Renewable Energy Development Agency (IREDA) followed up its bumper listing with a gain of another 11 percent on November 30, making the stock a multibagger in two days. It is now up 108 percent over the issue price of Rs 32.

The stock listed on November 29 at a premium of 56 percent at Rs 50.

Several analysts recommend holding the stock for the medium to long term due to the state-run company’s strong fundamentals and growth potential.

Also read: Bumper listing gains for IREDA IPO investors. Hold, book profit or buy more?

“We believe post-listing there would be decent demand for the shares, as it had received an overwhelming response from all kinds of investors, especially from long-term funds. IREDA can act as a proxy play for the growth in the Indian renewable energy sector,” said Prashanth Tapse, Research Analyst, Sr VP Research, Mehta Equities.

IREDA, a power finance company, has 36 years of experience in the business of promoting, developing and extending financial assistance for new and renewable energy projects and energy-efficiency and conservation projects.

Analysts say power-financing NBFCs are expected to continue this growth momentum and are likely to be driven by growing demand for electricity, rising population, renewable integration and the country’s sustainability goals.

At 3.12 pm, the stock was trading at Rs 65.20 on the National Stock Exchange,  up 8.7 percent from the previous close.