Shares of Indian Renewable Energy Development Agency (IREDA) - a non-deposit taking NBFC into financing green projects - jumped over 4 percent on February 21 on strong investor interest, with volumes nearly three-times higher than its 10-day average.
IREDA's shares have managed to post strong gains for the third consecutive session, in a weak market, rising nearly 13 percent from the closing price of February 18.
From the 52-week low, shares of IREDA are nearly 50 percent higher, however, it is still down around 42 percent from its 52-week high.
The recent rally in the stock was fuelled by NSE's decision of adding the scrip in the F&O contracts from February 28 onwards. Investors will be able to trade in the F&O contracts of IREDA from the March series, after the current series expires on February 27.
The market lot and scheme of strikes of the securities shall be informed to members on February 27 through a separate circular. Details of the applicable quantity freeze will be available in the contract file which shall be applicable for trading on February 28.
Analysts have previously observed that inclusion in derivatives segment can enhance trading volumes and price discovery for a stock.
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