Multibagger green energy stock hits record high on Rs 1,401 crore order win

Multibagger green energy stock hits record high on Rs 1,401 crore order win

Shares of multibagger Waaree Renewable Technologies Ltd were stuck in the upper circuit of 5% for the second consecutive session today after the firm won an order worth Rs 1,401 crore. Waaree Renewable shares hit a record high of Rs 6,433.35 today against the previous close of Rs 6127 on BSE. The stock fell to a 52-week low of Rs 600.50 on March 14, 2023. It has risen 913% in a year and 193.20% this year.

Total 0.74 lakh shares of the firm changed hands amounting to a turnover of Rs 47.65 crore in the session. Market cap of the firm climbed to Rs 13,400 crore on BSE.

In terms of technicals, the relative strength index (RSI) of Waaree Renewable stands at 77.7, signaling it’s trading in the overbought zone. Waaree Renewable shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.

Waaree Renewable stock has a one-year beta of 0.5, indicating low volatility during the period.

The company received a Letter of Intent (LOI) for the execution of Engineering, Procurement and Construction (EPC) work with Land development of ISTS connected Ground Mounted Solar PV project of 300 MW AC capacity on turnkey basis along with three years Operation & Maintenance Service, it said on March 1.

The project is scheduled to be completed in the financial year 2025-26, in various tranches as per the terms of the order. The aggregate order size is 300 MW AC.

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.

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