Waaree Renewable hits an all-time high, jumping 4%; here’s why

Waaree Renewable Technologies jumped on commissioning a solar power project today. The scrip after opening at Rs 1224 and currently it is trading at Rs 1264, up by 4.38%. Today it hit all time high at Rs 1268.50 and it has 52 week low of Rs 290.10. So far 34,046 shares have exchanged hand over the counter at BSE. The company has a market capitalisation of around Rs 2600 crore. 

Over the past 6 months, the stock has given staggering returns of 155.87% and in a year it has given unbelievable returns of 315.79%. In the last three years, the company has delivered average ROE of 57.3% and ROCE of 38.5%, respectively.

Waaree Renewable Technologies has completed an 87.5MW/122.5 MWp EPC solar power project for UPC Renewable Energy’s subsidiary Masaya Solar Energy in Madhya Pradesh’s Khandwa area. 

The solar power project spans 651 acres of undulating land landscape, with power evacuated at a voltage of 220 kV and connected at PGCIL 400 kV/220 kV SS via the ISTS (inter-state transmission system) network. 

There were 5,08,072 SPV modules installed, ranging from 335 Wp Polycrystalline to 540 Wp Monocrystalline, with a total inverter capacity of 3.125 MW. The project’s PPA (solar power purchase agreement) was signed with the Solar Energy Corporation of India for a 25-year term. 

Waaree Renewable Technologies operates as a renewable equipment company. The company offers solar PV modules, batteries, and other solar products. Waaree Energy is today one of the largest vertically integrated new energy companies. It has India’s largest Solar panel manufacturing capacity of 12GW at its plants in Chikhli, Surat and Umbergaon in Gujarat. 

The promoters holding in the company stood at 74.51%, while Non-Institutions held a 25.49% stake in the company. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.