IREDA gave historic returns, 146% in 20 days, ahead of Q3 results today.

Shares of India Renewable Energy Development Agency (IREDA) hit the upper circuit of 10% today.  This share was listed at Rs 60 and has now reached Rs 148.  With a market cap of over $4 trillion, the Indian stock market has become the fifth largest in the world.  The Indian stock market has been moving rapidly in the last 2 years and has scaled new heights in a short span of time.

Q3 results today: IREDA share price has given breakout at ₹125 and can go up to ₹172 level in short term, say experts

Q3 results today: Market is expecting a healthy growth during Q3FY24 in company's top line, say experts.

Today's stock market: During early morning trade on Saturday, there was a lot of interest in purchasing shares of the Indian Renewable Energy Dev Agency (IREDA). Within a few minutes of the stock market opening bell, the price of IREDA shares on the BSE opened higher today at ₹141.40 and reached an intraday high of ₹145.80 per share. During the historic Saturday session, the price of IREDA shares reached a new lifetime high while rising to this intraday high.

Stock market analysts predict that during Q3FY24, IREDA's average funding cost and NIMs will be steady. According to them, the market anticipates robust growth in the company's top line for the quarter ending in October 2023 and ending in December 2023. The IREDA share price, according to them, has shown a technical breakout at the level of ₹125 per share. If IREDA meets market expectations for Q3 earnings, the share price of IREDA could potentially reach ₹172 in the near future.

Preview of IREDA Q3 results

Shreyansh V. Shah, Research Analyst at StoxBox, discussed what the market may expect from today's IREDA Q3 results. "IREDA is of strategic importance for the promotion and development of the RE sector in India and is fully owned by the Government of India (GoI)." The average cost of funds for the lender is consistent due to its sovereign ownership, and as a result, we anticipate that NIMs will continue to be stable in Q3FY23. Additionally, the finance arm will be able to mobilize cash at reasonable rates because of its numerous co-financing agreements and strong financial flexibility. We expect the bottom line to rise quicker with asset quality in place because of higher energy sector consumption, which will guarantee future capital expenditure plans in the power industry. Therefore, we anticipate that the company's top line will show robust growth in Q3FY24."

IREDA share price target.

Anticipating additional IREDA share growth, "The stock, following the IPO listing, has seen a decent spurt with strength indicated," stated Prabhudas Lilladher Technical Analyst Shiju Koothupalakkal. "After resisting near the ₹123 zone, the stock has corrected to some extent to take support near 96 levels and, after some time spent in consolidation, has witnessed a decent rally to indicate a breakout above the resistance zone of ₹125 to strength the trend and further rise is anticipated in the coming days." As long as the overall bias remains positive, we anticipate that the price of IREDA shares will continue rising, with next targets at ₹156 and ₹172, respectively, and a ₹125 stop loss."

Disclaimer: Teapaper10 is not responsible for the opinions or suggestions expressed here; rather, these are the opinions of certain analysts or broking firms. Whenever making an investment, we urge investors to consult with licensed professionals.