IREDA Share Price: Navratna PSU Renewable Energy Stock Below Rs 200, Jumps 17% In 3 Sessions; BUY/SELL?

IREDA Share Price: The PSU renewable energy financier, extended its gains for a third consecutive day. On February 21, IREDA stock rose by more than 8% to hit an intraday high of Rs 187.75 apiece. The stock has rallied by 17% in 3 sessions in a row. The latest upside can be attributed to the registration certificate of its subsidiary IREDA Global Green Energy Finance IFSC at Gift City. There is room for further buying in IREDA stock as its potential upside is seen nearly 19% ahead.

IREDA Share Price:

At the time of writing, IREDA stock traded at Rs 180.95 apiece, up by 4.14% on BSE, with a market cap of around Rs 48,635.10 crore. In the early trade of February 21, the stock zoomed by 8.05% to hit an intraday high of Rs 187.75 apiece.

IREDA shares surged by 2.09% on the February 20th closing, while it was up by 6% on the February 19th closing bell. Cumulatively, the stock is up by 17% since February 19.

The performance comes after the approval to register its wholly-owned subsidiary at Gift City.

IREDA Big Update:

As per the regulatory filing, IREDA announced that its IREDA Global Green Energy Finance IFSC Limited now has received the Certificate of Registration at Gift City on February 18, 2025, from IFSCA to undertake the activities as a Finance Company.

This comes after the International Financial Services Centre Authority (IFSCA) granted the provisional registration to IREDA Global Green Energy Finance IFSC Limited, (a wholly owned subsidiary of IREDA Ltd) as a finance company at Gift City, Gujarat. This approval was granted on September 4 last year.

IREDA Shares Recommendation:

As per Trendlyne data, the consensus recommendation from 2 analysts for Indian Renewable Energy Development Agency Ltd. is HOLD. The stock's 1-year average target price is at Rs 215 apiece, which signals about 19% potential upside ahead.

About IREDA:

Indian Renewable Energy Development Agency Limited (IREDA) is a 'Navratna' Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE). IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: "ENERGY FOR EVER"

IREDA has been notified as a "Public Financial Institution" under section 4 'A' of the Companies Act, 1956 and registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI).

IREDA's mission is "Be a pioneering, participant friendly and competitive institution for financing and promoting self-sustaining investment in energy generation from Renewable Sources, Energy Efficiency and Environmental Technologies for sustainable development."