Stock Market Crash: With Dalal Street in ruins, the M-cap of BSE-listed businesses plummets by around ₹10 trillion.IREDA Share Price: Despite falling from ₹310, retail investors increased their holdings in the September quarter.
Between July and September, there was a 23% rise in the supply of IREDA. However, there was intense pressure to sell the stock as it reached a record high of ₹310 during this quarter.
According to statistics available on the BSE, during the July-September quarter, small retail investors—those with approved share capital of less than ₹2 lakh—increased their holding in Indian Renewable Energy Development Agency (IREDA) Ltd.
At the end of the September quarter, retail investors owned a 19.88% holding in IREDA, up from 18.59% at the end of the June quarter.In the June quarter, there were 25.86 lakh retail investors in IREDA, up from 22.15 lakh.
With their investment staying at 0.2%, India’s mutual funds still have a negligible exposure to IREDA. The government still owned 75% of the business at the conclusion of the September quarter.
Ahead of its ₹4,500 crore fund-raising strategy, in which the government may dilute up to 7% of its shares, the stock is also under the spotlight.
The loans that IREDA sanctioned for the first half of the current financial year, which concluded on September 30, jumped by 303% from the same time the previous year to ₹17,860 crore from ₹4,437 crore. On Thursday, October 10, IREDA will release its September quarter results.
“This year, IREDA had significant growth due to robust volume sales. But as of late, it has dropped more than 30% from its peak. Along with a wedge collapse, the price is now trading below its 89-Day Exponential Moving Average for the first time. A downtrend’s lower high and lower low formation is also evident in its trading, but the decline has been observed in the absence of significant volumes, which suggests that a closing above ₹235 levels may trigger a return to upside above life high levels, according to Gaurav Bissa of InCred Equities.
One of the most prosperous initial public offerings (IPOs) in the past 12 months is IREDA, which debuted at ₹32 and increased by about 10 times at its peak.
IREDA’s shares closed 3.5% higher at ₹232.25 on Wednesday.
One of the most prosperous initial public offerings (IPOs) in the past 12 months is IREDA, which debuted at ₹32 and increased by about 10 times at its peak.
IREDA’s shares closed 3.5% higher at ₹232.25 on Wednesday.
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