Shares of Waaree Energies surged by 7.2% to Rs 3,185 on December 10, marking a five-day winning streak after securing an order to supply up to 1 GW of solar modules. The order, from a leading renewable energy company in India, is scheduled for delivery in FY25 and FY26, as per the company’s filing. The financial details of the deal were not disclosed.
About Waaree Energies
Waaree Energies is India’s largest solar PV module manufacturer, with an installed capacity of 12 GW spread across five facilities in Gujarat and Uttar Pradesh. The company also develops solar projects and sells electricity.
The company reported a 14.77% increase in consolidated net profit at Rs 361.65 crore for Q2 FY24 as compared to Rs 315.09 crore for the corresponding quarter of last year. Revenue rose by 1.04% at Rs 3,574.38 crore.
Waaree Energies made a stellar debut in the stock market with the listing of its stocks at Rs 2,500-a whopping 66.3% premium from the issue price of Rs 1,503. This was against a subscription demand for 76.34 times the total issue size of its Rs 4,321-crore IPO.
The stock traded 5.2% higher at Rs 3,126 at 11:45 AM on December 10, against the previous close. In the last week, the share price jumped almost 16%, reflecting strong investor confidence.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
