Rs 16 to Rs 1,312: This solar stock turned into a multibagger in three years; down 13% from record high

Shares of multibagger Waaree Renewable Technologies Ltd have rallied over 7973% in the last three years. The solar panel maker stock, which closed at Rs 16.26 on August 17, 2020 rose to a high of Rs 1312.70 on August 17, 2023 on BSE. An amount of Rs 1 lakh invested in the Waaree Renewable stock three years ago would have turned into Rs 80.73 crore today. In comparison, Sensex has risen 71.22 per cent during the period. Waaree Renewable stock opened higher at Rs 1319.70 in the previous session. It rose 1.88% intraday to Rs 1324.70 on BSE. The stock hit a 52 week low of Rs 354.50 on August 17, 2022 and a record high of Rs 1509.45 on July 28, 2023.

ALSO READ: Suzlon Energy shares rose 128% in three months but Rs 29 could be a tough target; here’s why

Total 0.36 lakh shares of the firm changed hands amounting to a turnover of Rs 4.77 crore in the session. Market cap of the firm climbed to Rs 2732.36 crore on BSE.

One promoter held 74.51 per cent stake in the firm and 14,697 public shareholders owned 25.49 per cent for the quarter ended June 2023. Of these, 14062 resident individuals held 26.01 lakh shares or 12.50% stake with capital up to Rs 2 lakh. Only 20 resident individuals with 4.05% stake held capital above Rs 2 lakh for the quarter ended June 2023.

In terms of technicals, the relative strength index (RSI) of Waaree Renewable stands at 52.2, signaling it's trading neither in the overbought zone nor in the oversold zone. Waaree Renewable stock has a one-year beta of 0.4, indicating very low volatility during the period. Waaree Renewable shares are trading higher than the 5 day, 50 day, 100 day and 200 day but lower than the 10 day and 20 day moving averages.

ALSO READ: Adani Green Energy shares in focus as arm gets nod for commissioning of solar plant in Mundra

In the June 2023 quarter, the firm reported a revenue of Rs 129.7 crore against Rs 95.6 crore profit in the corresponding quarter of previous fiscal. Net profit rose to Rs 11.1 crore in the June 2023 quarter against Rs 10 crore in the June quarter of 2022.

Operating profit climbed to Rs 16 crore for the quarter ended June 2023 against Rs 13.1 crore in the corresponding quarter of the previous fiscal.

ALSO READ: South Indian Bank shares in focus today as RBI approves PR Seshadri as next MD & CEO

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.