Waaree Energies shares snapped a seven-day winning streak and dropped 4 percent on December 13 as investors rushed to cash in profits off the stock's recent bull run. The stock had run up over 20 percent in the last seven sessions, giving investors plenty of room to book partial profits.
At 10.51 am, shares of Waaree Energies were trading at Rs 3,193 on the NSE. Despite the fall, shares of Waaree Energies are still sitting on over 10 percent gains for the past week.
The recent upmove in the stock has been on the back of a few positive developments that strengthened sentiment around the company. This week the company bagged two back-to-back orders which helped trigger gains.
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Firstly, it secured an order to supply up to 1 GW of solar modules. The order came from a prominent renewable energy company in India, with deliveries planned for FY25 and FY26, as per the company’s regulatory filing. Waaree Energies, however, didn't disclose the monetary value of the order.
Following that, the company bagged another project, just a couple of days after it received the first one, for the development of a 170 MW solar power plant in Madhya Pradesh, awarded by the Rewa Ultra Mega Solar Limited.
Waaree Energies shares had a stellar market debut in early November, listing at Rs 2,500—over 66 percent above its IPO price of Rs 1,503 per share. The stock's journey has been eventful, surging 50 percent to an all-time high of Rs 3,743 before sharp profit-booking pulled it back from its peak. Recently, however, it has regained momentum, climbing steadily in the past sessions, before profit booking kicked in once again.
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