After an extraordinary debut and a staggering 150% surge from its issue price, Waaree Energies' shares saw a sharp decline on November 7. The stock dropped by as much as 8% to ₹3,354 as investors opted to book profits.
This dip followed a robust rally the previous day, where the solar energy company’s stock rose by 8%, pushing its market capitalisation to ₹1,03,779.62 crore. Analysts attribute the decline to profit-taking after significant gains.
A strong start for Waaree Energies
The company’s shares were listed on October 28 at ₹2,500 on the NSE, marking a 66.33% premium over the issue price of ₹1,503. The initial gains highlighted investor confidence in Waaree Energies, a leading player in India’s solar energy industry.
Recent developments bolster investor interest
On November 6, Waaree Energies announced a significant order for PV module supply. Production is scheduled to commence by late November 2024 and will conclude in Q4 of FY 2025. However, the company refrained from revealing the order’s value or the client’s identity.
Waaree Energies focuses on PV module manufacturing and boasts a total installed capacity of 12 GW as of June 2023. The company operates five manufacturing units in key locations, including Surat, Tumb, Nandigram, and Chikhli in Gujarat, alongside the IndoSolar facility in Noida, Uttar Pradesh.
Current stock performance
As of 10:40 AM on November 7, Waaree Energies' shares were trading at ₹3,393, marking a 7% drop from the previous close on the NSE. Despite this decline, analysts believe the stock remains a strong performer for long-term investors looking to buy shares online.
Key takeaways
Investors exploring opportunities to buy shares online should closely monitor Waaree Energies for long-term growth potential in the renewable energy sector.
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