Stock market today: IREDA share price extends gain after dream debut. Buy, sell or hold? | Mint
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Business News/ Markets / Stock Markets/  Stock market today: IREDA share price extends gain after dream debut. Buy, sell or hold?
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Stock market today: IREDA share price extends gain after dream debut. Buy, sell or hold?

IREDA share price today opened at ₹50 apiece on BSE and NSE and it went on to hit intraday high of ₹55 on NSE, logging near 75% rise against public issue's upper price band of ₹32 per share

IREDA share price has sustained above ₹50 with rise in trade volume, which signals further strength in the scrip, say stock market experts. (Photo: Courtesy company website)Premium
IREDA share price has sustained above 50 with rise in trade volume, which signals further strength in the scrip, say stock market experts. (Photo: Courtesy company website)

Stock market today: Shares of Indian Renewable Energy Development Agency (IREDA) Ltd listed on BSE and NSE at 50 per share levels, delivering over 56 epr cent listing gain to the lucky allottees against the IREDA IPO price of 30 to 32 per share. However, IREDA share price further extended its gains and went on to hit intraday high of 55.85 per share on NSE, logging around 75 per cent rise against the upper price band of the public issue.

According to stock market experts, IREDA share price today witnessed strong trade volume of around 10 crore in pre-listing cer3emoney. This volume has further gone upward to the tune of around 38.50 crore in near one and half hours of IREDA share listing, which means buying interest is still visible in the stock at such a higher levels. So, one should hold the scrip with a trailing stop loss at 49.50, which should trigger till 49 apiece levels.

IREDA share price outlook

Speaking on IREDA IPO share listing, Prashanth Tapse, Sr VP — Research at Mehta Equities said, "IRDEA solid listing was above street expectations. We believe post listing there would be decent demand for the shares as it had received overwhelming response from all kinds of investors especially from long term funds. We also believe IREDA can act as a proxy play for the growth in the Indian renewable energy sector."

Also Read: Market cap of BSE-listed firms hit $4 trillion mark for the first time ever

Advising cautious investors of Indian stock market to hold IREDA shares despite bumper listing gain, Arun Kejriwal, Founder at Kejriwal Research and Investment Services said, "IREDA shares listed at whopping 56 per cent premium and the stock has managed to sustain above its listing price of 50 apiece. This could become possible because of the huge trade volume of around 10 crore in pre-listing ceremoney. In fact, this state-owned PSU stock has managed to attract buyers post-listing as well. So, cautious investors are advised to hold the scrip maintaining stop loss at 49.50 and it should trigger till 49 apiece levels."

Buy, sell or hold?

Advising allottees to hold IREDA shares, Prashanth Tapse of Mehta Equities said, "We strongly believe IREDA gives allotted investors a long term opportunity to hold and raid the growth in the sector in serves, hence recommending all allotted investors “HOLD FOR LONG TERM" while those who failed to get allotments can accumulate on every dip for holding it for healthy long term returns as markets always reward a player who has high visibility and growth potential."

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 taking any investment decision.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 29 Nov 2023, 12:07 PM IST
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