263% rise in 5 months: Why this mutilbagger PSU renewable energy stock is skyrocketing

Ireda Share Price: Ireda shares skyrocketed by over 12.50 per cent on BSE on Monday (April 29, 2024) in the first session after the company got the 'Navratna status'.

The stock that opened at Rs 186.20 on Monday soared to the day's high of Rs 192.00, which was a 12.51 per cent rise from its previous close of Rs 170.65.

Ireda shares ended the trading session on Monday higher by 6.30 per cent, or Rs 10.75, at Rs 181.40 each. 

The jump in the shares came after the Department of Public Enterprises (DPE) elevated the renewable energy company to the 'Navratna' status.

"Department of Public Enterprises (DPE) vide its letter dated April 26, 2024 has granted the ‘Navratna status’ to Indian Renewable Energy Development Agency Limited (IREDA)," the company said in a letter to bourses on Monday.

263% return since listing

Ireda listed on November 29, 2023, at Rs 50. The PSU stock has risen by 262.80 per cent in the five months since its listing on BSE and NSE. 

Expert target

Zee Business analyst Varun Dubey has given a 'buy' call on IREDA with a target of Rs 178 and a stop loss at Rs 167.