IREDA shares have softened a bit, is it a good time to buy?

NSE

₹481.4 crore in the last three months of the financial year ending March 2024.

Shares of Indian Renewable Energy Development Agency Limited (IREDA) gained over 3.30% on June 6 but the stock is still ₹37 short of its 52-week high ₹214.80.IREDA, a multi-bagger stock , has nearly trebled in the last one year.Market expert Rajesh Satpute believes IREDA is a good bet as long as the shares remain above ₹160 apiece. And, if it breaks past ₹190, it could go up to ₹230-₹240 a share, according to the SEBI-registered analyst who advised existing investors to hold on to the stock, in a conversation with CNBC Awaaz.Satpute's view is similar to that of Vaishali Parekh from Prabhudas Lilladher . On May 31, Parekh said that the IREDA stock has a strong support at ₹155, and if it crosses ₹195, the shares could go as high as ₹230.Investors must note that the stock listed at ₹32 apiece in November last year. Since then, it has seen a high of ₹214.80.IREDA's profit increased from to ₹337.4 crore in the three months ending March 2024, up 33% compared to the ₹253.6 crore a year earlier.The government company, which lends money to renewable energy projects, saw its topline grow 35% year-on-year toThe possibility of a follow-on public offer has kept a lid on the stock. If the government decides it wants to sell more shares in the company, it would increase the supply of shares in the market and, all else remaining equal, the existing shares would lose value.However, the management said that while the decision on IREDA FPO will be taken at an appropriate time by the company's board and the government of India. It's not being discussed right now, a company statement on May 22 said The company, which achieved the 'Navratna' status in April, plans to become a 'Maharatna' by 2030. Read this article to know the difference and what it would mean for investors if IREDA indeed becomes a Maharatna