Shares of Waaree Energies Ltd surged 7.19 per cent to hit a high of Rs 3,184.95 in Tuesday's trade. The stock was last seen trading 4.08 per cent up at Rs 3,092.55. At this price, it has declined 17.33 per cent from its all-time high value of Rs 3,740.75, a level seen on November 6, 2024.
The company said it has "received an order to supply solar modules of up to 1 GW from a renowned customer engaged in the business of owning, developing and operating renewable power projects in India." The supply of solar modules is scheduled to commence in FY 2024-25 and FY 2025-2026, it added.
"Waaree Energies is well-positioned to serve domestic and international markets, particularly the US. It reported a 2.95 per cent revenue increase and a notable 17.98 per cent YoY (year-on-year) profit growth in H1 FY25. We recommend that investors continue to add it on dips, given its promising growth outlook," said Palak Devadiga, Research Analyst at StoxBox.
Technically, near-term support on the counter could be seen at Rs 2,750. Immediate resistance may be found in the Rs 3,200 range.
"Waaree Energies has started gaining traction after its recent correction from peak levels. The counter has support at Rs 2,750. On the higher end, Rs 3,200 seems to be the sturdy hurdle in the near period," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking also echoed similar support and resistance levels.
Waaree Energies stock price is bullish on daily charts with strong support at Rs 2,750, said Sebi-registered research analyst AR Ramachandran. He suggested that the counter may hit Rs 3,200 in the near term.
The scrip saw high trading volume on BSE today as around 2.49 lakh shares changed hands at the time of writing this story. The figure was higher than the two-week average volume of 1.71 lakh shares. Turnover on the counter came at Rs 77.58 crore, commanding a market capitalisation (m-cap) of Rs 89,777.44 crore. There were 1,64,341 sell orders against buy orders of 24,859 shares.
Incorporated in December 1990, Waaree Energies is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 13.3 GW.