IREDA - Indian Renewable Energy Development Agency Ltd. Date : 7-Jan-2024
Rating : Buy (Mid Term as well as Long Term Opportunity)
LTP : Rs. 105.10
Target: (1) Rs. 123 --> (2) Rs. 140 --> (3) 168 ++
SL : 85
Technical View:
Since the listing, NSE:IREDA is in its primary uptrend. Recently it has given break-out from its secondary down trend and been consolidating between 101 & 105. This break-out and consolidation is giving a bullish signal for a start of new swing within it’s current primary uptrend.
Mid-Term View:
• NSE:IREDA is likely to make it to the MSCI Smallcap index, according to Nuvama Alternative & Quantitative Research. If research firms to believed then MSCI may make the official announcement on February 13, with adjustments set to take place on February 29.
• Any inclusion or increase in stock weightage in global indices like MSCI and FTSE leads to inflows from passive funds, which track that index.
Long-Term View:
• NSE:IREDA provides a comprehensive range of financial products for promoting, developing, and extending financial assistance for new and renewable energy (RE) projects, and energy efficiency and conservation (EEC) projects.
• In it’s National Electricity Plan (NEP), India has charted out to triple its renewable energy capacity by 2030 to meet it’s commitment of a sustainable energy future. However, realizing this vision comes with a significant price tag, requiring a substantial investment of USD 293 billion.
Disclaimer : I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market.
