Multibagger from its 52-week low: This small-cap company secures an order from a leading steel manufacturing company!

The net profit of the company skyrocketed 2400 per cent in Q3FY23 compared to Q3FY22.

On Thursday, shares of Waaree Renewable Technologies Ltd plunged 3.06 per cent to Rs 907.57 per share with the day’s high of Rs 948.95 and the day’s low of Rs 900.

Waaree Renewable Technologies Ltd secured an order for and received a Letter of Award (LOA) from one of the India’s leading steel manufacturing company for Turnkey EPC works (design, engineering, supply, installation & commissioning) along with land, Infrastructure and statutory approvals.

Engineering, procurement and construction (EPC) works in respect of solar power project with a capacity of 70MWp DC along with provision of land, infrastructure and approvals for 70 MWp DC.

Waaree Renewables Technologies Ltd is engaged in the business of generation of power through renewable energy sources and also provides consultancy services in this regard.

According to the financials, the company has a market cap of Rs 1,888.84 crore. The company reported excellent results in its both quarterly and annual consolidated financial statements. The net sales skyrocketed 121 per cent and the net profit skyrocketed 2400 per cent in Q3FY23 compared to Q3FY22.

The stock gave multibagger returns of 238.91 per cent from its 52-week low of Rs 280 per share. Investors should keep an eye on this Small-Cap stock.