Stock market today: Shares of the Indian Renewable Energy Dev Agency (IREDA) witnessed strong buying interest during early morning deals on Saturday. IREDA share price today opened upside at ₹141.40 on the BSE and went on to touch an intraday high of ₹145.80 per share within a few minutes of the stock market's opening bell. While climbing to this intraday high, IREDA share price touched a new lifetime high during the historic Saturday session.
According to stock market experts, IREDA's average cost of funding and NIMs is expected to remain stable during Q3FY24. They said that the market is expecting healthy growth by the company's top line during the October to December 2023 quarter. They said that IREDA share price has given a technical breakout at ₹125 per share level. If IREDA delivered Q3 results in sync with the market expectations, then IREDA share price may soon touch the ₹172 zone.
IREDA Q3 results preview
On market expectations from IREDA Q3 results today, Shreyansh V. Shah, Research Analyst at StoxBox said, "IREDA is fully owned by the Government of India (GoI) and is of strategic importance for the promotion and development of the RE sector in India. Given its sovereign ownership, the lender’s average cost of funds remains stable and we thus expect NIMs to remain stable in Q3FY23. Additionally, due to its various co-financing deals and good financial flexibility, the finance arm will be able to mobilize funds at competitive rates. With asset quality in place, we anticipate the bottom line to grow at a faster pace due to increased consumption in the energy sector which will ensure new capex plans in the power sector going forward. Thus, we believe the company’s top line would report a healthy growth in Q3FY24."
IREDA share price target
Expecting further rise in IREDA shares, Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher said, "The stock after the listing of IPO has witnessed a decent spurt with strength indicated and after resisting near ₹123 zone has corrected to some extent to take support near 96 levels and with some time spent in consolidation, has witnessed a decent rally to indicate a breakout above the resistance zone of ₹125 to strength the trend and further rise is anticipated in the coming days. With the bias overall maintained positive, we expect IREDA share price to carry on with the upward move for the next targets of ₹156 and ₹172 levels respectively, keeping the stop loss of ₹125."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
