IREDA Share Price NSE, BSE: PSU stock hits fresh 52-week high - Buy, sell or hold?

IREDA Share Price NSE, BSE: Shares of the Indian Renewable Energy Development Agency (IREDA) hit a fresh 52-week high on Tuesday i.e. on December 12. The scrip gained around 17 per cent to clock a 52-week high of Rs 99.77 apiece. Last seen, the counter was trading at Rs 99.30. The market cap of the firm has risen to Rs 26,689 crore. 

The counter has delivered around 200 per cent returns compared to the IPO issue price of Rs 32. The firm saw 106.24 lakh shares changing hands amounting to a high turnover of Rs 102.63 crore on the BSE. 

IREDA Share Price NSE, BSE: Anil Singhvi's View

According to Zee Business Managing Editor Anil Singhvi, investors should hold shares of IREDA for another six months.  

"I had said that IREDA would be double its issue price and even after that one should not sell it. Don't put this stock based on 'price target', instead keep it with 'time target'. This is the benefit of holding the share," Singhvi said.

IREDA में पता चला ना HOLD करने का कमाल

बार-बार कह रहा हूं- Time Target के हिसाब से रखिए शेयर

अब IREDA में क्या करें? https://t.co/a41e1Bjqs7

— CA Anil Singhvi Zee Business (@AnilSinghvi_) December 11, 2023

IREDA Share Price History 

Earlier on Monday, shares of IREDA rose over 19.97 per cent to trade at Rs 85 per share on the National Stock Exchange (NSE). The counter has surged over 200 per cent from its issue price of Rs 32 because of the positive sentiment behind PSU stocks. Shares of IREDA made its debut on the bourses on November 29. The public issue received a good response from investors and was subscribed 38.8 times. 

What does IREDA do?

IREDA is a mini Ratna firm under the administrative control of the Ministry of New and Renewable Energy. The organisation offers a comprehensive array of financial products (fund- and non-fund-based) associated services, from project inception to post-completion, for renewable energy projects and related activities like equipment manufacturing and transmission.

IREDA floats retail division

Meanwhile, the state-owned Indian Renewable Energy Development Agency has floated a retail division for providing loans under the PM-KUSUM scheme, Rooftop Solar, and other Business-to-Consumer (B2C) sectors.

IREDA Chairman & Managing Director Pradip Kumar Das announced the launch of the retail division while he was speaking during the Leaders’ Dialogue on 'Actioning Solutions for Global Sustainable Development and Governance of Resources' on December 7, 2023, organized by CEEW & CII as part of COP28 in Dubai, IREDA said in a statement.

Shortly after opening, IREDA’s retail division quickly sanctioned its first loan amounting to Rs 58 crores under KUSUM-B, it said.