Shares of Waaree Energies remained under pressure in Monday's trade following a below expectations but strong stock market debut. The stock tumbled nearly 10 per cent for the day amid the profit booking in the maiden trading session.
Shares of Waaree Energies were listed at Rs 2,500-2,550 on NSE and BSE, at premium of 66.33 per cent and 69.66 per cent, respectively. However, the stock dropped 10 per cent to Rs 2294.55 during the session as the profit booking soured the sentiments with now follow-on buying for the counter.
Even after the listing, analysts have mixed views on the company. Some analyst suggest investors to hold the stock for a medium-to-long term perspective, while others suggest investors to book partial to complete profits. A few believe that lower levels shall be an opportune move to buy the counter.
Prashanth Tapse from Mehta Equities recommends long-term investors to 'hold' while short-term investors can look for targets anywhere between Rs 2,750-2,800 to book profits. Fresh accumulations can be attempted anywhere between Rs 2200-2300 if it comes due to market scenario and profits booking attempts.
Mahesh M Ojha from Hensex Securities suggested investors to book partial profits and suggested Rs 2,375-2,400 as the potential entry range for today.
The IPO of Waaree Energies was sold between October 21 and October 23. The Mumbai-based company had offered its shares in the fixed price band of Rs 1,427-1,503 per share with a lot size of nine shares. It raised 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.
Sagar Shetty from Stoxbox recommends that investors allotted shares consider holding their positions from a medium to long-term perspective citing the positive like global expansion, competitive pricing, and strong order book.
Shivani Nyati from Swastika Investmart said that Investors may consider booking part profit here, and those who want to hold it for the long term may keep a stoploss of Rs 2,000. "The company has a strong focus on growth and expansion. It has demonstrated remarkable financial growth," she said.
Waaree Energies, incorporated in December 1990, 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.