Shares of Waaree Energies Ltd are in news today after the firm said it has received an order for supply of modules up to 180 Mwp from a renowned customer engaged in the business of owning, developing and operating renewable power projects in India. The supply of modules is scheduled to start at the end of November 2024 and complete in Q4 of FY 2025.
This is the first order the company has received after listing on bourses.
On Wednesday, the stock closed 4.56% higher at Rs 3633.65 against the previous close of Rs 3475.30. It extended gains for the eight straight sessions. On an intra day basis, the stock climbed 7.63% to a record of Rs 3740.75 on BSE. Market cap of the firm rose to Rs 1.04 lakh crore. The market cap of the firm crossed the Rs 1 lakh crore mark for the first time ever on Wednesday.
Total 9.71 lakh shares of the firm changed hands amounting to a turnover of Rs 350.67 crore on BSE.
Most analysts are bullish on the prospects of the stock.
Jigar S Patel, Senior Manager - Equity Research at Anand Rathi said,"Support will be Rs 3,400 and resistance at Rs 3650. A decisive move above the Rs 3,650 level may trigger a further upside of Rs 3750. The expected trading range will be between Rs 3,400 and Rs 3,750 for the short-term."
AR Ramachandran, an Independent SEBI Research Analyst said, "Waaree Energies stock price is bullish but also overbought on the intraday charts with next resistance at Rs 3947. Investors should be booking profits at current levels as a Daily close below support of Rs 3425 could lead to a target of Rs 2978 in the near term."
Ameya Ranadive, CMT CFTe, Sr Technical Analyst at StoxBox said, "Waaree Energies continued its remarkable performance in the stock market, defying broader market corrections. The stock is currently exhibiting a 'higher top, higher bottom' formation, which signals a continued positive trajectory. The price range of Rs 3,800-4,000 is anticipated as a potential target, with minor support found at Rs 2,800-2,850 levels."
The initial public offering (IPO) of Waaree Energies was open from October 21 to October 23. The Mumbai-based firm collected Rs 4,321.44 crore from its IPO, which included a fresh share sale of Rs 3,600 crore and offer-for-sale (OFS) of up to 48 lakh equity shares.
Axis Capital, Jefferies India, IIFL Securities, Nomura Financial Advisory & Securities (India), SBI Capital Markets, Intensive Fiscal Services and ITI Capital were the book-running lead managers of the IPO, while Link Intime India served as the registrar.
Waaree Energies is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW. Its product portfolio includes solar energy products consisting of the PV modules such as multicrystalline modules; Monocrystalline modules; and TopCon modules.