Shares of Waaree Renewable Technologies rose 5% in early trade on November 28 after the company announced securing a significant order worth Rs 1,233.5 crore for a ground-mounted solar PV project. At 9:23 AM, the stock was trading at Rs 1,494.45, up by Rs 71.15 on the BSE.
The order includes the execution of engineering, procurement, and construction (EPC) for a 2012.47 MWp DC capacity solar PV project, strengthening Waaree’s foothold in the renewable energy sector.
The company had also bagged a contract worth Rs 146.77 crore for setting up of 41.6 MW DC solar power project at Tamil Nadu’s Cuddalore district, earlier this month.
Waaree Renewable Technologies reported a nominal 1% increase in topline at Rs 3,574.37 crore in the three months ended September 2024 while net profit was up 15% to Rs 361 crore on strong profitability for subdued revenue growth.
About Waaree Energies
Waaree Energies is one of the key drivers in the Indian solar energy landscape, focusing on the manufacturing of PV modules with an installed capacity of 12 GW as of June 2023. It operates five manufacturing facilities in Gujarat and Noida, Uttar Pradesh.
The Waaree Energies had made a blinding entry to the stock market last month, opening at Rs 2,500 a share on the National Stock Exchange, highly valued at 66.3 percent over its issue price of Rs 1,503.
The volatile stock had a 52W-high of Rs 3,037.75 on April 26, 2024, and a 52W-low of Rs 270.22 on November 30, 2023. Despite such fluctuation, the stock is trading 453.05% above the 52W-low, showcasing strong investor interest.
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Source: Moneycontrol
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