Active Stocks
Fri Jun 14 2024 15:58:47
  1. HDFC Bank share price
  2. 1,597.45 1.05%
  1. State Bank Of India share price
  2. 840.20 -0.44%
  1. Tata Steel share price
  2. 183.05 0.30%
  1. ICICI Bank share price
  2. 1,105.10 -0.20%
  1. Kotak Mahindra Bank share price
  2. 1,717.00 -0.54%
Business News/ Markets / Stock Markets/  IREDA share price recovers 15% from intraday low; check details
BackBack

IREDA share price recovers 15% from intraday low; check details

IREDA share price opened at ₹101.99 apiece on BSE and reached an intraday low of ₹98.26 and high of ₹103.80.

 IREDA share price opened at ₹101.99 apiece on BSE and touched an intraday low of ₹98.26 and an intraday high of ₹103.80.Premium
IREDA share price opened at 101.99 apiece on BSE and touched an intraday low of 98.26 and an intraday high of 103.80.

Indian Renewable Energy Development Agency (IREDA) shares: IREDA share price recovered nearly 15% from intraday low levels. At 10:30 IST, IREDA shares were trading at 112.60 apiece on BSE. 

IREDA share price tanked over 9% on Monday's early trading session due to profit booking. IREDA share price has been down 18.25% in two trading sessions. IREDA share price opened at 101.99 apiece on BSE and touched an intraday low of 98.26 and an intraday high of 103.80.

According to Arun Kejriwal, Founder at Kejriwal Research and Investment Services, the IREDA share price, after rising from 32, which was the issue, to 125, needed some correction.

Also Read: IREDA share price Today Live Updates : IREDA Stock Soars on Positive Trading Day

"We also need to understand that there is a worry in the street about FOMO—fear of missing out."So the retail investors kept buying without understanding what the value could be. Correction is more than welcome," said Kejriwal.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

In 11 sessions, IREDA share price, which was listed at 50, increased by 124%. IREDA share price made a stellar debut on the bourses on November 29. On NSE and BSE, IREDA share price was listed at 50 per share, 56.25% higher than the issue price of 32.

Also Read: IREDA share price tanks 10% after gaining 100% since listing; here's why

Indian Renewable Energy Development Agency IPO was subscribed 38.80 times on day 3. IREDA IPO's retail investors portion was subscribed 7.73 times, NII portion was subscribed 24.16 times, and Qualified Institutional Buyers (QIB) portion is booked 104.57 times. Employee portion was subscribed 9.80 times, as per BSE data, on day 3.

IREDA IPO opened for subscription on Tuesday, November 21, and closed on Thursday, November 23. IREDA IPO price band was fixed in the range of 30 to 32 per equity share of face value of 10. IREDA IPO lot size was 460 equity shares and in multiples of 460 equity shares thereafter.

The stock increased by 124% from its listing price of 50 to its closing price on Wednesday of 112.16 per share. The National Stock Exchange (NSE) was drawn to the impressive rally and on December 14 it asked the company for clarification. The company responded the same day, stating that it did not have any positive information or any other material information to share that would have an effect on volume behaviour or trading activity.

"The volatility in the price and volume in IREDA’s shares is completely market driven," the company said in an exchange filing.

Also Read: IREDA share price makes stellar debut, stock lists at 56.25% premium at 50 on NSE

IREDA is an NBFC established in 1987 to provide innovative financing in RE and energy efficiency, conservation, and environmental technologies. It is a wholly owned Government of India (“GoI") enterprise under the administrative control of the Ministry of New and Renewable Energy (the “MNRE").

In September 2023, the company was upgraded from Schedule B to Schedule A in the list of CPSEs by the Department of Public Enterprises (“DPE"). The company was also conferred with Mini Ratna (Category I) status in June 2015 by the DPE, according to the company RHP report.

Also Read: IREDA IPO: From financials to key risks, 10 key points from RHP

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.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 18 Dec 2023, 09:52 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started