63,725 per cent returns and outperformed KPI Green Energy and Suzlon: Renewable energy stock hits back-to-back upper circuit; Receives big order of Rs 990.60 crore

India's largest solar panel manufacturing capacity of 12GW across its facilities in Chikhli, Surat, and Umbergaon in Gujarat.

The NSE benchmark Nifty 50 index soared to a fresh all-time high on Wednesday, propelled by robust participation from ICICI Bank. Notably, bullish sentiments pervaded almost all sectors, with the exception of Nifty Media and Nifty IT. The market exhibited strong breadth, underscored by a noteworthy advance-decline ratio firmly in favor of advances, with 1458 stocks seeing gains while 678 stocks registered losses.

One stock commanding considerable attention is Waaree Renewable Technologies Ltd, which witnessed its shares hitting the upper circuit limit of 5% for the second consecutive day on Wednesday. Incorporated in 1999, Waaree Renewable Technologies Ltd is principally involved in power generation through renewable energy sources and offers consultancy services in this domain. Renowned as one of the largest vertically integrated new energy companies, Waaree Energy boasts India's largest solar panel manufacturing capacity of 12GW across its facilities in Chikhli, Surat, and Umbergaon in Gujarat.

A recent milestone for the company came in the form of a Letter of Award (LOA) for the execution of Engineering, Procurement, and Construction (EPC) work for a Solar Power plant of 980 MWp/ 700 MWac on a turnkey basis, with an order value of Rs 990.60 crore. While the entity awarding the order remains undisclosed, it is noteworthy that it hails from one of India’s leading Renewable Energy firms, augmenting Waaree's unexecuted order book to 2.141 GW.

The truly remarkable aspect lies in the staggering returns delivered by Waaree Renewable Technologies Ltd, amounting to an astounding 63,725 per cent from its low of Rs 7.65 in July 2020. Its transformation from a penny stock into a mega-multibagger has not only charted an impressive trajectory but has also eclipsed the performance of industry stalwarts like Suzlon Energy, while also outshining other multibagger stocks such as KPI Green Energy Ltd.

Disclaimer: The article is for informational purposes only and not investment advice.