Waaree Renewables Technologies saw its shares locked in the 5% upper circuit at ₹1,494.45 apiece on 28 November 2024. The sharp rise followed the announcement of a major contract win for the execution of a ground-mounted solar PV project with a capacity of 2,012.47 MWp DC.
Details of the newly secured project
Waaree Renewables revealed that it has secured a Term Sheet for the Engineering, Procurement, and Construction (EPC) works of the project. The project value is approximately ₹12,33,47,78,778, excluding taxes, and the execution timeline will be mutually decided between the parties involved. The project was commissioned by a company focused on renewable energy development. This announcement has reinforced the interest of those who invest in stocks within the energy sector.
Previous announcements by Waaree Renewables
Earlier this month, Waaree Renewables announced plans to set up a solar power project with a 41.6 MW DC capacity. This project was estimated to cost ₹146.77 crore, including taxes. The company has been active in the solar EPC sector since 1999, operating under the umbrella of Waaree Energies Limited.
Key achievements of Waaree Renewables
Waaree Renewables claims to have successfully completed more than 10,000 solar projects, achieving over 600 MW of operational capacity. The company has established itself as a significant player in India's solar energy industry. This market activity has attracted attention from investors looking to invest in stocks within the renewable energy sector.
Market performance of Waaree Renewables shares
The market capitalisation of Waaree Renewables stands at ₹15,579.13 crore. The stock's 52-week high is ₹3,037.75 per share, while its 52-week low is ₹268.10 per share. At 10:40 AM on 28 November 2024, the company's shares remained locked in the 5% upper circuit at ₹1,494.95. In comparison, the BSE Sensex was trading 0.61% lower at 79,743.01 points.
Overview of the solar energy sector and investment potential
With the growing emphasis on renewable energy projects, Waaree Renewables has strengthened its position in the solar energy market. For those aiming to invest in stocks, the company's consistent project wins and operational success make it a notable entity in the energy sector.
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