Shares of Waaree Energies soared 12 percent to hit new record high of Rs 2,718 per share on October 31, extending gains to fourth straight day amid heavy volumes. After a blockbuster debut of 70 percent premium, this renewable energy stock has now zoomed over 80 percent against its issue price of Rs 1,503 per share.
On October 28, the company made a strong market debut, listing shares at Rs 2,550. However, it trimmed some gains later in the day and settled 55 percent higher at Rs 2,336.80 per share on the BSE.
Waaree Energies, a leading manufacturer and exporter of solar modules, boasts a production capacity of 13.3 gigawatts (GW), marking a remarkable six-fold increase from 2 GW in FY21. The company holds a 21 percent market share within India and a substantial 44 percent share in India’s solar module exports.
Recently, Waaree raised Rs 4,321 crore through an initial public offering (IPO), with the proceeds earmarked to partially fund its new 6 GW facility for manufacturing ingots, wafers, solar cells, and solar PV modules in Odisha.
The company is establishing a massive 11.4 GW integrated manufacturing facility, with plans for a 5.4 GW solar cell unit to become operational by Q3 FY25 in Chikhli, Gujarat. Additionally, a 6 GW fully integrated facility in Odisha is set to produce ingots, wafers, and solar cells by FY27, further enhancing Waaree’s manufacturing capabilities.
According to analysts at InCred Equities, the company is well-positioned to capitalise on growing opportunity in renewables, supported by its strong track record, leading market share, solid financials, and sustained focus on innovation and sustainability.
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