Shares of the Indian Renewable Energy Development Agency (IREDA) continued their upward movement for the sixth consecutive day, registering a 10% gain on Wednesday, following a surge that triggered a 20% upper circuit on Tuesday.

As of Wednesday’s trading, the stock has tripled from its initial public offering (IPO) price of ₹32, reaching an intraday high of Rs 112. This substantial increase occurred within ten days after the company’s listing on November 29.

Since its debut on the stock exchange, IREDA shares have experienced a decline only twice in the ten trading days. The momentum continued with a 20% increase on Monday and sustained the rally with another 20% surge on Tuesday.

The recent surge has propelled IREDA’s market capitalization over ₹27,300 crore, underscoring the significant investor confidence in the company’s growth potential.

“We expect the stock to consolidate from current levels with some minor correction towards 95-100 levels, which will again be good levels for short-term traders to enter the store. On the other hand, long-term investors may still ride the tide and hold on to the stock in their portfolio,” said Atul Parakh, CEO of Bigul.

During today’s trading session, almost 20 crore shares of IREDA changed hands, compared to 35 crore shares on Tuesday and 23 crore shares on Monday, reflecting the heightened trading activity and investor interest.

IREDA was in news on Monday as it launched its retail division, strategically targeting initiatives such as the PM-KUSUM scheme, rooftop solar projects, and other business-to-consumer (B2C) segments with a focus on providing loans.