Shares of Waaree Energies Ltd extended gains for the eight straight session on Wednesday. The stock climbed 7.63% to a record of Rs 3740.75 against the previous close of Rs 3475.30. Market cap of the firm rose to Rs 1.03 lakh crore. It crossed the Rs 1 lakh crore mark for the first time ever today. In the previous session, market cap of the firm stood at Rs 99,839.53 crore
Total 7.64 lakh shares of the firm changed hands amounting to a turnover of Rs 275.57 crore on BSE.
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 is bullish on the prospects of the stock.
"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," said Ranadive.
On the other hand, Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking has advised investors to book profit at current levels. "The stock has rallied from its issue price. Market participants should consider booking profit at the current market price," Singh stated.
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.