Following the company's successful acquisition of a project to build a 170 MW solar power plant in Madhya Pradesh, Waaree Energies' stock rose more than 5% on Thursday. Rewa Ultra Mega Solar Limited issued the order, which improved investor mood and caused the stock to rise to Rs 3,334.65 on the bombay Stock Exchange (BSE) at approximately 1:20 pm. Waaree Energies has already won seven straight trading sessions, with the stock rising more than 20%, thanks to the project grant. The stock has increased by more than sixteen percent on a monthly basis, indicating strong investor confidence in the face of a consistent influx of new orders.
Waaree Energies recently received a significant order to provide up to 1 GW of solar modules to a top renewable energy firm in India, which further accelerated the momentum. Deliveries are planned for FY25 and FY26, however the corporation did not provide the financial details of the transaction. Since its explosive market debut in early November, the company's stock has seen an incredible trip. for a premium of 70% over its initial public offering price of Rs 1,503, Waaree Energies shares were listed for Rs 2,550 each. Following listing, the stock surged by about 50% to reach a record high of Rs 3,743, but it was quickly pushed back by strong profit-booking.
Recent events, however, have rekindled interest in purchasing. Waaree Energies' expansion potential have been strengthened by the most recent project victories, drawing in new investors. The company's strong position in India's renewable energy market is highlighted by its strategic expansion through major projects and large-scale module supply agreements. Market players will now keep an eye out for additional project announcements and financial reports that can propel Waaree Energies' growth in the renewable energy sector.
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