Shares of Indian Renewable Energy Development Agency (IREDA) Ltd. are trading with gains of over 7% on Monday, November 9, extending their gains for the seventh straight trading session. The stock has also gained in nine out of the last 10 trading sessions.
During this move, the stock has gained around 20% during this seven-day winning run.
With this, the stock has now moved above its 50 as well as 100-Day Moving Average. The stock is now very close to a very important level on the upside.
IREDA & The 200-DMA Connection
Shares of IREDA, having moved above the 50 and 100-DMA, are now within touching distance of the 200-Day Moving Average. The 200-DMA for IREDA is placed at levels of ₹120.8.
The 200-DMA holds significance for IREDA as it has not closed above that level since January 2025. Back then, the stock used to trade around levels of ₹200. Since then, the PSU stock has made multiple attempts at breaking past the 200-DMA, but has failed to do so at every attempt.
In fact, the stock is down nearly 50% from those levels seen in January 2025.
IREDA’s gains on Monday have come on the back of strong volumes as well. As many as 2.8 crore shares of the state-run lender have changed hands as of 1:15 PM, well above their 20-day average of 34 lakh shares.
IREDA’s September quarter profitability remained largely flat compared to last year, while its revenue from operations grew by 14% from the year-ago period.
Asset quality showed some improvement during the quarter, with Gross NPA at 3.57% from 3.76% in the previous quarter, while net NPAs stood at 1.08% from 1.23% in June.
At the end of the September quarter, Mutual Funds had a negligible stake in IREDA.
As many as 23.7 lakh small retail shareholders, or those with authorized share capital of up to ₹2 lakh, had a 20.39% stake in IREDA as of September 30.
Shares of IREDA are trading 7% higher on Wednesday at ₹119.1. The stock is still down 15% so far for the year. From the record high of ₹310 that the stock had surged to, the stock is down 60% from those levels.
IREDA shares gain for the seventh straight day, have not closed above this level in nearly two years