The shares of one of the leading Renewable energy stocks specialising in the business of power generation through renewable energy sources, jumped 7 percent upon receiving a work order for the execution of EPC works for the Ground mount solar power project of 105 MWp (DC) capacity.
Price action
With a market capitalization of Rs.11,154.38 crores on Monday, the shares of Waaree Renewables Technologies Limited touched a day’s high of Rs. 1,118 which is 7 percent higher than the previous closing price of Rs. 1.044.35 per share. The stock reiterated from the day’s high and was trading at Rs. 1,070, a 2.46 percent higher from the previous closing price.
What Happened
Waaree Renewables Technologies specialising in the business of generation of power through renewable energy sources has received a Letter of Intent (LOI) from one of the Leading Wind Energy Company.
The domestic work order worth approximately Rs.277.20 crores for executing Engineering, Procurement, and Construction (EPC) works for a 105 MWp (DC) ground-mounted solar power project on a turnkey basis. The project is scheduled to be completed in the financial year 2025- 26.
Key Ongoing Projects
Waaree Renewable Technologies is currently executing several key ongoing projects across India. These include large-scale ground-mounted solar power projects such as 210 MWp at Khandwa, 450 MWp at Bikaner, and 295.68 MWp at Kurnool. Additionally, the company is working on floating solar projects like 1.029 MWp in Gujarat and rooftop installations of 4.26 MWp project in Chittorgarh.
Marquee Clients
The company has strong relationships with a multitude of global lenders both state-owned and private companies which include Reliance Industries Ltd, Jindal Steel and Power Ltd, Bharat Petroleum Limited, NTPC Ltd, Larsen & Turbo Ltd, Adani Group and Aditya Birla Group, and many more.
Financials
The company’s rose by 12 percent from Rs 324.68 crore to Rs 364.13 crore in Q2FY24-25. Meanwhile, Net profit declined from Rs 64.48 crore to Rs 53.51 crore during the same period.
Written by Sridhar J
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