Heavy buying: Back-to-back upper circuit in this multibagger solar power stock; hits fresh 52-week high!
Shares of the company gained more than 400 per cent in the last six months.
Shares of Waaree Renewables Technologies Limited were locked in the upper circuit on Thursday, gaining 5.00 per cent. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit. The stock has also made a fresh 52-week high today.
Recently, Waaree Renewables secured a 300 MW solar project in India worth Rs. 1,401 crores. This project involves building, installing, and maintaining the solar power plant over a 3-year period. Expected to be completed by 2026, this win strengthens Waaree's position in the domestic solar energy sector and promotes clean energy solutions in the region.
Also read, Intraday Trading vs. Long-Term Investing: Exploring the Risks and Rewards
The company posted robust Quarterly Results. The revenue of the company for Q3FY24 stood at Rs 324.19 crore which increased by 338.78 per cent YoY. The operating profit of the company stood at Rs 88.30 crore, while the PAT of the company stood at Rs 64.46 crore, from a profit of Rs 24.98 crore last year same quarter.
Waaree Renewables Technologies Limited is engaged in the business of generation of power through renewable energy sources and also provides consultancy services in this regard. Waaree Energy is one of the largest vertically integrated new energy companies. It has India's largest Solar panel manufacturing capacity of 12GW at its plants in Chikhli, Surat and Umbergaon in Gujarat. The stock has delivered multibagger returns of over 15,000 per cent return in the last three years and DIIs have increased their stake in the company in December, 2023.
The stock has shown tremendous growth and investors should keep a close eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ’s 'Multibagger Pick’ service recommends well researched multibagger stocks with High Returns potential. If this interests you, do download the service details here.