Shares of multibagger Waaree Renewable Technologies Ltd were stuck in the upper circuit of 5% today after the firm said it received a Letter of Award (LOA) for the execution of engineering, procurement and construction (EPC) work for solar power plant of 980 MWp /700 MWac on turnkey basis. With the current order, the unexecuted order book now stands at 2.141 GW. The value of the order is Rs 990.60 crore.
The project is scheduled to be completed within 12 months as per the term of the letter of award.
The solar panel maker stock, which closed at Rs 4428.75 in the previous session rose to a high of Rs 4650.15 on February 20, 2024 on BSE. The stock fell to a 52-week low of Rs 569 on February 27, 2023 and a 52 week high of Rs 5145.25 on February 8, 2024. It has risen 645% in a year and 112% this year.
Total 1.37 lakh shares of the firm changed hands amounting to a turnover of Rs 62.60 crore in the session. Market cap of the firm climbed to Rs 9686.16 crore on BSE.
In terms of technicals, the relative strength index (RSI) of Waaree Renewable stands at 66.6, signaling it's trading neither in the overbought nor in the oversold zone. Waaree Renewable shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
Waaree Renewable stock has a one-year beta of 0.5, indicating low volatility during the period.
Waaree Renewables Technologies Limited (WRTL), formally known as Sangam Renewables Limited) is a subsidiary company of Waaree Group and spearheads the Solar EPC business. Waaree Group has successfully installed 10000 plus solar projects, with a total operating capacity of 600 plus MW.
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