Stock market today: After the announcement of the board of directors meeting to consider and approve the rise, Indian Renewable Energy Development Agency (IREDA) shares witnessed a substantial upside during morning deals on Thursday. IREDA share price today opened with an upside gap at ₹246 apiece and touched an intraday high of ₹259.40 per share on the NSE, logging an intraday rise of nearly 7 per cent against Wednesday’s close price of ₹238.95 apiece.
IREDA’s board meeting, a pivotal event this month, is set to discuss and approve a significant fundraising proposal. The proposal, valued at a substantial ₹4,500 crore, is expected to impact the company’s financial standing profoundly. This development has led stock market experts to predict a continued uptrend in IREDA’s share price, potentially reaching ₹300 per share in the near term.
Why is IREDA share price rising?
Speaking on the rise in IREDA’s share price today, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, “IREDA share price is on an uptrend due to the fundraising buzz. The PSU has declared a meeting of its board of directors on 29th August to consider and approve the ₹4,500 crore fundraising proposal. This is the reason for bull rend in the PSU stock.”
Gorakshkar said the market believes that IREDA is mulling fundraising, which means the company’s order flow is expected to remain sustained.
IREDA share price target
Expecting more upside in IREDA shares, Sumeet Bagadia, Executive Director at Choice Broking, said, “IREDA shares are looking positive on the chart pattern. So, IREDA shareholders can hold the scrip maintaining stop loss at ₹235 for the near-term target of ₹280 and ₹300 apiece.”
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.