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Shares of Waaree Energies rose over 7% after the company announced a major order to supply up to 1 GW of solar modules
Waaree Energies Shares
Shares of Waaree Energies rose over 7% on Tuesday, December 10, after the company announced a major order to supply up to 1 GW of solar modules. This marks the fifth consecutive day of gains for the stock.
The order, placed by a leading renewable energy company in India, is scheduled for delivery in FY25 and FY26, according to Waaree Energies’ regulatory filing. However, the company did not disclose the monetary value of the order.
This significant supply agreement will begin in FY2024-25 and continue into FY2025-26.
Waaree Energies, one of India’s top solar PV module manufacturers, has an installed capacity of 12 GW across five facilities in Gujarat and Uttar Pradesh, covering over 143 acres. In addition to manufacturing, the company is actively involved in solar project development and electricity sales.
For the second quarter, Waaree reported a 14.77% rise in consolidated net profit to Rs 361.65 crore, up from Rs 315.09 crore in the same period last year. Revenue from operations grew by 1.04% year-on-year, totaling Rs 3,574.38 crore for the quarter ending September 2024.
Waaree Energies made its market debut on October 28, listing at Rs 2,500 per share, a 66.3% premium over the issue price of Rs 1,503 per share on the National Stock Exchange (NSE). The Rs 4,321-crore IPO was highly oversubscribed, with demand 76.34 times the shares on offer, according to exchange data.
As of 2:45 PM, Waaree Energies’ shares were trading at Rs 3,133, up 5.56% from the previous close on the NSE. The stock has gained nearly 16% over the past week.
