IREDA Share Price in Focus after Fundraising Approval by Shareholders
IREDA share price closed marginally higher on Tuesday and traders can expect focus on the PSU counter on Thursday as shareholders have approved QIP for fundraising. IREDA has recently witnessed a rally from Rs 160 levels but over the last one month, the stock has declined 7.4 percent. IREDA presents strong potential for long term investors but short term traders should keep a close watch on technical levels as IREDA remains highly volatile.
Technical Analysis: Deciphering Market Trends
Candlestick Patterns:
A review of daily candlestick charts reveals the formation of bearish patterns, such as the 'Evening Star' and 'Bearish Engulfing,' which often precede downward price movements. These patterns, coupled with declining trading volumes, suggest potential continuation of the bearish trend.
Fibonacci Retracement Levels:
Applying Fibonacci retracement from the 52-week high of ₹310.00 to the low of ₹121.05 identifies key levels:
| Fibonacci Level | Price (₹) |
|---|---|
| 38.2% Retracement | 202.11 |
| 50% Retracement | 215.53 |
| 61.8% Retracement | 228.95 |
These levels may serve as potential resistance points in the event of a price rebound.
Support and Resistance Levels:
Current analysis indicates:
Immediate Support: Around ₹160.91, aligning with recent lows.
Immediate Resistance: Near ₹186.49, corresponding to recent highs.
Breaching these levels could signal further directional movement.
IREDA Secures Approval to Raise Rs 5,000 Crore via QIP to Boost Green Energy Financing
In a strategic move to expand its renewable energy financing capabilities, the Indian Renewable Energy Development Agency Ltd. (IREDA) has received shareholder approval to raise up to Rs 5,000 crore through a Qualified Institutions Placement (QIP) of equity shares. The proposal was approved through remote e-voting during the agency’s 22nd Extra-Ordinary General Meeting (EGM), chaired by Shri Pradip Kumar Das, Chairman and Managing Director of IREDA. The initiative aligns with India's goal of accelerating its clean energy transition while bolstering IREDA’s lending capacity in the fast-growing renewable sector.
Key Aspects of the Fundraising Plan
1. Shareholding Dilution of Up to 7%:
The fundraising initiative includes a dilution of the Government of India’s stake by up to 7%.
IREDA’s Board of Directors had initially approved the proposal on January 23, 2025.
2. Objectives of Capital Infusion:
The funds will be utilized to scale up IREDA’s loan book, enabling greater financial support for renewable energy projects.
It will help accelerate loan disbursements and support the growth of India’s clean energy ecosystem.
