IREDA shares climb for seventh day to near two-year high level

Shares of Indian Renewable Energy Development Agency are trading higher by over 7% on Monday, November 9, extending their winning streak to the seventh straight session. The stock has risen in nine of the last 10 trading sessions, climbing about 20% during this seven-day period. With these gains, the stock has moved past both its 50-day and 100-day moving averages and is now close to the 200-day moving average, which is placed at ₹120.8. IREDA has not closed above this 200-day level since January 2025, when it traded around ₹200. Since then, the public sector stock has tried several times to break past this level without success and remains down nearly 50% from those past levels. On Monday, the stock also saw strong trading volumes, with 2.8 crore shares changing hands by 1:15 PM, which is well above its 20-day average of 34 lakh shares. For the September quarter, IREDA reported flat profitability compared to the previous year, while its revenue from operations grew by 14%. Asset quality improved slightly, with Gross non-performing assets dropping to 3.57% from 3.76% in the prior quarter, and net non-performing assets standing at 1.08% compared to 1.23% in June. Mutual funds held a negligible stake in the company at the end of the quarter, while nearly 23.7 lakh small retail shareholders held a 20.39% stake as of September 30. Shares are trading 7% higher at ₹119.1, though the stock is still down 15% for the year and 60% below its record high of ₹310.

Context

Moving averages and trading volumes are key indicators that technical analysts watch to understand market momentum and investor interest in a stock. Public sector lenders in the renewable energy space often see varied retail participation based on sector growth and quarterly financial results.