Waaree Renewable shares rise over 7% today, here's why 

Shares of Waaree Renewable Technologies Ltd rose over 7% on Monday after the power generation firm said it received a letter of intent (LoI) for a project worth Rs 277.20 crore. Waaree Renewable shares rose 7.05% to Rs 1118 on BSE. Market cap of the firm climbed to Rs 11,216 crore. Total 4.12 lakh shares of Waaree Renewable changed hands amounting to a high turnover of Rs 44.61 crore. The share hit a 52-week high of Rs 3037.75 on April 26, 2024 and fell to a 52 week low of Rs 530.02 on January 19, 2024.

The stock is not listed on NSE. On December 19 last year, the company's board approved the listing of its equity shares on National Stock Exchange of India (NSE) subject to regulatory approvals.

"We are pleased to inform that “WAAREERTL” has received a Letter of Intent (LOI) for the execution of Engineering, Procurement and Construction (EPC) works for Ground mount solar power project of 105 MWp (DC) capacity on turnkey basis," said the firm. 

The project is scheduled to be completed in the financial year 2025-26, as per the terms of the order.

Last week, the firm reported its Q3 earnings. Net profit for Waaree Renewable slipped 17% to Rs 53.50 crore in the third quarter against a post-tax profit of Rs 64.25 crore. On a quarter-on-quarter basis, profit was marginally lower than Rs 53.51 crore posted in Q2 FY25. Revenue from operations climbed 11.15% to Rs 360.34 crore in last quarter compared to Rs 324.19 crore in the year-ago period.

The company also announced an interim dividend of Rs 1 per equity share of Rs 2 each.

The company fixed January 24 as the record date to determine the eligibility of shareholders for the payment of said dividend.

Waaree Renewable is engaged in the business of generation of power through renewable energy sources and also providing Engineering, procurement, and construction (EPC) services in this regard. It has its registered office in Mumbai and its energy generation site is located in Maharashtra.