Waaree Energies share price jumps 7% on THIS order book update. Do you own? | Stock Market News
Stock Market Today: Shares of Waaree Energies surged over 7 per cent on Tuesday, December 10, following the announcement of a significant order for the supply of solar modules up to 1 GW. This marks the fifth consecutive session of gains for the stock.
The latest order has been placed by a prominent renewable energy company in India, with deliveries scheduled for FY25 and FY26, as per Waaree Energies’ regulatory filing. However, the company did not disclose the monetary value of the order.
This substantial supply agreement is set to commence in the financial year 2024-25 and continue into 2025-26.
Waaree Energies is recognised as India’s largest manufacturer of solar photovoltaic (PV) modules, boasting an aggregate installed capacity of 12 GW. The company operates five manufacturing facilities across Gujarat and Uttar Pradesh, spanning 143.01 acres. Apart from manufacturing, Waaree is actively involved in developing solar projects and electricity sales, making it a key contributor to India’s renewable energy landscape.
Stock Price Performance
The stock rose as much as 7.2 per cent to its intra-day high of ₹3184.95 today. It is now around 15 per cent away from its peak of ₹3,740.75, hit in November 2024. Meanwhile, it has risen 39 per cent from its 52-week low of ₹2,294.55, recorded in October 2024.
The scrip has jumped 16.5 per cent in December so far after a 2 per cent decline in November.
Shares of Waaree Energies made their stock market debut on October 28, listing at ₹2,500 apiece, a massive premium of 66.3 per cent over the issue price of ₹1,503 per share on NSE. It has rallied 112 per cent from its IPO price while gaining over 27 per cent from its listing price.
The ₹4,321-crore IPO of Waaree Energies had witnessed strong demand with the offer being oversubscribed 76.34 times. Investors bid for 160.91 crore shares, far exceeding the 2.1 crore shares on offer, according to exchange data.
Q2 FY25 Financial Performance
Waaree Energies’ financial results for the second quarter of FY25 demonstrated solid growth. Consolidated net profit rose 14.77 per cent year-on-year (YoY) to ₹361.65 crore, compared to ₹315.09 crore in Q2 FY24. Revenue from operations increased by 1.04 per cent YoY to ₹3,574.38 crore, reflecting steady growth in its operational performance.
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