Waaree Energies stock zooms 7%, extends rally for five days as firm bags new order

Waaree Energies stock has gained almost 16 percent in the past week.

Waaree Energies shares rallied as much as 7.2 percent to Rs 3,185 on December 10, extending its remarkable rally to five trading sessions in a row after it secured a new order to supply up to 1 GW of solar modules.

The order comes 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.

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Waaree Energies, India’s leading solar PV module manufacturer, boasts an installed capacity of 12 GW across five facilities in Gujarat and Uttar Pradesh, spanning over 143 acres. Beyond manufacturing, the company is actively involved in solar project development and electricity sales.

In the second quarter, Waaree reported a 14.77 percent rise in consolidated net profit to Rs 361.65 crore, compared to Rs 315.09 crore in the same period last year. Revenue from operations saw a modest 1.04 percent year-on-year growth, totalling Rs 3,574.38 crore for the quarter ending September 2024.

Shares of Waaree Energies made their stock market debut on October 28, listing at Rs 2,500 apiece, a massive premium of 66.3 percent over the issue price of Rs 1,503 per share on the National Stock Exchange (NSE).

The Rs 4,321-crore IPO 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.

At about 11:45, shares of the company were trading at Rs 3,126, higher by 5.2 percent from the last close on the NSE. Waaree Energies stock has gained almost 16 percent in the past week.

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