IREDA shares surge following strong market debut

  • Stock Market News
IREDA shares surge following strong market debut
Credit: © Reuters.

The Indian Renewable Energy Development Agency (IREDA) continues to make waves in the stock market, with its shares soaring another 15% to reach Rs 68.91 on the Bombay Stock Exchange (BSE) today. This uptick follows an already impressive performance on Wednesday, where the shares closed with a gain of over 87% from their initial public offering (IPO) price, ending the day at Rs 60 on the National Stock Exchange (NSE) and Rs 59.99 on BSE.

The robust opening and subsequent gains have pushed IREDA's market capitalization to Rs 17,682 crore, reflecting strong investor confidence in the company's prospects. Prior to its public offering, which occurred between November 21-23, IREDA attracted significant funds from anchor investors. The IPO was managed by prominent lead managers including IDBI Capital Markets and SBI (NS: SBI ) Capital Markets.

Investment analysts are bullish about IREDA's role in the renewable energy sector in India. They recommend that investors who were allocated shares during the IPO maintain their holdings for long-term advantages. Additionally, analysts suggest that investors should consider accumulating shares during price dips to potentially secure healthy returns in the future.

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