Waaree Energies stock tanks 6% on weak Q2 show; snaps 4-day gaining streak

The Waaree Energies stock has gained 7 percent in the past week.

Waaree Energies Limited shares opened on a weak note on November 19, plunging 6.3 percent to Rs 2,916, ending a four-day winning streak after the company's second-quarter earnings fell short of market expectations.

During the quarter under review, the renewable energy player reported a muted 1 percent increase in revenue to Rs 3,574.37 crore. The net profit, however, surged 15 percent to Rs 361 crore.

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The firm’s board has also approved an investment of Rs 600 crore into its wholly owned units to set up and develop infrastructure (including land and connectivity) to develop renewable power projects and bidding pipelines, a stock filing said.

The board also discussed entering the manufacturing of electrolyzers for green hydrogen and building a manufacturing plant for lithium-ion advanced chemistry storage cells and energy storage systems, the company statement said.

Last month, Waaree Energies made a strong stock market debut after listing at Rs 2,500, commanding a solid premium of 66.3 percent over the issue price of Rs 1,503 per share on the National Stock Exchange (NSE).

Waaree Energies, one of the major players in the solar energy industry in India, is focused on PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023. It operates five manufacturing facilities, with one factory each located at Surat, Tumb, Nandigram, and Chikhli in Gujarat, and the IndoSolar Facility in Noida, Uttar Pradesh.

At 10 am, shares of the company were trading at Rs 3,007, lower by 3.5 percent from the last close on the NSE. The Waaree Energies stock has gained 7 percent in the past week.

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