Ireda Stock Surges Nearly 10% In Five Days

Indian Renewable Energy Development Agency Ltd.'s share price has gained nearly 10% in the last five days. The stock was trading 5.7% higher at Rs 183.7 apiece as of 11:22 a.m., paring its intraday jump of 8%.

The company will issue bonds maturing in 11 years to raise up to Rs 1,500 crore, as per Bloomberg. The bonds will be offered in the market on Feb. 24.

The National Stock Exchange on Wednesday said it will introduce futures and options contracts on Ireda from Feb. 28. The move is subject to eligibility conditions and it will announce details of market lot sizes, strike price schemes, and quantity freeze limits on Feb. 27.

Besides, the company’s wholly-owned subsidiary, Ireda Global Green Energy Finance IFSC Ltd., received registration certificate from the International Financial Services Centre Authority on Feb. 18, to operate as a finance company in GIFT City, Gujarat.

This week, the stock has closed higher on two sessions.

The stock has risen 9.1% in the last 12 months and 200% since listing in November 2023. The total traded volume so far in the day stood at 4.1 times its 30-day average. The relative strength index was at 47.

Of the two analysts tracking the firm, one has a 'buy' recommendation and one suggests a 'sell', according to Bloomberg data. The average of 12-month analysts' price target of Rs 200 implies a potential upside of 10%.