Waaree Energies stock surged by 4% on December 12 after the company won a significant project for the development of a 170 MW solar power plant in Madhya Pradesh. The project, awarded by Rewa Ultra Mega Solar Limited, has further boosted investor confidence, marking the seventh consecutive session of gains for the stock. Over this winning streak, Waaree Energies has recorded a remarkable rise of over 20%.
By 10:18 am, the shares were trading at Rs 3,244 on the NSE, reflecting strong market interest. The stock has been resilient, slipping into the red on just one occasion in the last 12 sessions.
This follows closely on the heels of the deal of Waaree Energies securing an order to supply up to 1 GW of solar modules to a leading renewable energy company in India, with deliveries over FY25 and FY26. While financial details about the order were not given, this deal has added to the growth trajectory of the company.
Shares of Waaree Energies listed in November at Rs 2,500 each, a 66% premium to its IPO issue price of Rs 1,503 per share. The stock saw seesaws of ups and downs, rallying 50% from the issue price to form an all-time high of Rs 3,743 and then profit-booking pulled the stock down. The lost momentum, however, seems to have regained in recent sessions.
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