57,000 per cent multibagger returns: This small-cap renewable energy company secures order for solar project, FIIs purchased stake in the company for the first time!
The company's shares have delivered an impressive return of over 960 per cent to their shareholders in just 1 year.
Waaree Renewables Technologies Limited is engaged in the business of generating 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 company has announced the significant order received by the company.
Order Details:
WAAREERTL" has been received a Letter of Intent (LOI) to undertake Engineering, Procurement, and Construction (EPC) responsibilities for a solar power project with a capacity of 700 KW DC on a turnkey basis, inclusive of 1 year Operation & Maintenance Service, amounting to approximately Rs 4.89 crore. The combined order magnitude stands at 700 KW DC.
In March 2024, the promoters' stake stood at 74.46 per cent while FIIs held 0.20 per cent while DIIs stake stood at around 0.01 per cent as per the recent update.
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On Saturday, the company's stock closed at around Rs 2088.50 per share, with a market capitalisation of Rs 21,751 crore. Additionally, the stock has delivered a multibagger return of around 641 per cent in the past six months only. According to the Quarterly Results, in Q4 FY24, the company's revenue surged by 344 per cent, reaching Rs 273 crore, while net profit skyrocketed by 350 per cent year over year.
Investors must keep this Small-Cap multibagger stock on their radar.
Disclaimer: The article is for informational purposes only and not investment advice.