Post-Budget, the stock’s momentum is on the upswing, the analyst said—there’s no stopping now

New Delhi. Shares of Indian Renewable Energy Development Agency (IRDEA), a company that got listed on the stock market on November 29 last year, have been rising steadily since its listing. Now, after Finance Minister Nirmala Sitharaman presented the budget on February 1, the excitement over the stock has increased. On Budget day, IREDA shares rose 5%. Similarly, yesterday i.e. Friday, February 2, this share closed at Rs 195.05 with an increase of 5%. This is the stock’s new all-time high. A day earlier, on Thursday, shares of IREDA had hit an all-time high.

Market experts attribute the rise in IREDA shares in the last two days to the announcement in the budget to provide rooftop solar systems to one crore families and the announcement of an 11.10% hike in fund allocation for the infrastructure sector. In the IREDA IPO, investors got shares at Rs 32. In the stock market, the share of IREDA was listed at Rs.50. On the day of listing it closed at Rs 60 with a gain.

Also Read: After Paytm Now RBI Expose This Bank’s Arrogance! A huge fine was imposed, know why this action was taken?

The boom will continue
According to a report by Live Minute, Sandeep Pandey, founder and director of Baswa Capital, says that the government has kept the capex at Rs 11.10 lakh crore in the budget. Apart from this, the fund allocated for the infrastructure sector has also been increased by 11.10%. Banking, energy and steel and other metal companies will benefit from this. IREDA works in the field of green energy. The company’s fundamentals are already strong and the announcements made in the budget will boost IREDA’s stock.

How far will the part go?
IREDA’s share has made a base of Rs 175, says Samit Bagadia, executive director of Choice Broking. So investors should hold this share and keep a stop loss of Rs 175. Sumit says this PSU stock may cross Rs 200 in the near future.

86% increase in one month
IREDA’s share price has been giving tremendous gains since listing. In the last one month, this stock has given investors 86% profit. The stock has returned about 15 percent in the past week.

(Disclaimer: The stock mentioned here is based on the advice of the brokerage houses. If you want to invest in any of them, consult a certified investment advisor first. News 18 of any profit or loss you make. will not be responsible).

Tags: money making tips, Multi bagger stock, Stock tips