IREDA Shares were trading strong on Thursday despite overall market weakness. IREDA opened the session at Rs 188 and touched intraday high of Rs 195.1 at the time of publication of this report. The stock was currently trading at Rs 192 and has declined nearly 14 percent over the last one month. The weakness has led to nearly 3 months low for IREDA stock.

Indian Renewable Energy Development Agency Limited (IREDA) has emerged as a pivotal player in India's renewable energy financing sector. As of November 14, 2024, IREDA's stock performance reflects its strategic initiatives and the broader market dynamics. This analysis delves into the company's recent stock performance, financial metrics, and market sentiment.

Yearly High and Low

Over the past year, IREDA's stock achieved a high of Rs 310.00 on July 15, 2024, and a low of Rs 49.99 on November 29, 2023.

Price-to-Earnings (P/E) Ratio

As of November 14, 2024, IREDA's P/E ratio stands at 34.98, indicating investor expectations of future earnings growth.

Analyst Recommendations

On October 14, 2024, ICICI Direct issued a 'Buy' recommendation for IREDA, setting a target price of Rs 280.00, suggesting a potential upside from the current levels.

Fibonacci Retracement Levels

Analyzing the stock's movement from its low of Rs 49.99 to its high of Rs 310.00, key Fibonacci retracement levels are:

23.6% Retracement: Approximately Rs 238.00
38.2% Retracement: Approximately Rs 200.00
50% Retracement: Approximately Rs 180.00
61.8% Retracement: Approximately Rs 160.00
These levels may serve as potential support or resistance points.

Highest Trading Volume

The highest trading volume in the past year occurred on July 12, 2024, with approximately 227 million shares traded, coinciding with a significant price movement.

Yearly High and Low Dates

Yearly High: Rs 310.00 on July 15, 2024
Yearly Low: Rs 49.99 on November 29, 2023

Conclusion

IREDA's stock performance over the past year reflects its strategic initiatives and the evolving renewable energy sector in India. Investors should consider the company's financial health, market position, and broader industry trends when evaluating potential investment opportunities.