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Business News/ Markets / Stock Markets/  IREDA share price hits lifetime high after Budget 2024. Gives 500% return to allottees in two months
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IREDA share price hits lifetime high after Budget 2024. Gives 500% return to allottees in two months

IREDA share price today opened upside and went on to touch a new lifetime high of ₹190.85 apiece on NSE

IREDA share price may extend its rally for the short term as infra sector-oriented Budget 2024 is expected to benefit companies dealing in renewable or green energy segment, say experts. (Photo: Courtesy company website)Premium
IREDA share price may extend its rally for the short term as infra sector-oriented Budget 2024 is expected to benefit companies dealing in renewable or green energy segment, say experts. (Photo: Courtesy company website)

Stock market today: Maintaining its uptrend on the Budget 2024 date, shares of Indian Renewable Energy Dev Agency (IREDA) Ltd climbed to a new lifetime high during Thursday deals. IREDA share price today opened upside at 183 apiece level on NSE and went on to touch new record high of 190.85 apiece, delivering around 500 percent return to those IREDA shareholders, who invested in the IREDA IPO and remained invested till date despite strong listing premium.

According to stock market experts, IREDA share price are getting benefit of the Budget 2024 proposal that augurs well for the green or renewable energy companies. They said that IREDA share price may further continue its bull trend and scale up to 200 per share level in the short term.

Triggers for IREDA share price rally

Connecting the IREDA share price rally with Budget 2024, Sandeep Pandey, Founder & Director at Basav Capittal said, "The GoI has announced 11.10 lakh crore Capex and the finance minister Nirmala Sitharaman has declared 11.10 percent rise in fund allocation for the infrastructure sector. This is going to boost banking, energy (green energy) and steel and other metal companies. As IREDA deals in the green energy segment and fundamentals of the company are already strong, the state-owned company's stock is expected to further continue its bul trend in the near term."

Also Read: Budget 2024: Defence stocks trade lacklustre as investors not enthused

IREDA share price target

Expecting further rally in IREDA share price, Sumeet Bagadia, Executive Director at Choice Broking said, "IREDA share price has made crucial base at 175 apiece level. So, IREDA shareholders are advised to hold the scrip with a trailing stop loss at 175. The PSU stock may go up to 200 apiece levels in near term."

Also Read: Budget 2024: Bonds rally, yields drop on lower than expected govt borrowings

IREDA share price history

IREDA IPO was launched in November 2023 at a price band of 30 to 32 per equity share. The PSU stock listed on BSE and NSE at 50 apiece level, delivering a whopping 56 percent listing gain to the lucky allottees. However, if an allottee had remained invested in this PSU stock till date despite stellar listing gain, its invested money would have surged to the tune of 500 per cent today.

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 experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 01 Feb 2024, 03:57 PM IST
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