Stock below Rs 500: Shares of this company touched upper circuit as it receives multiple orders!

The net profit skyrocketed 966.91 per cent and the net profit rose 89.81 per cent in Q2FY23 compared to Q2FY22.

Today, shares of Waaree Renewable Technologies Ltd surged 3.78 per cent to Rs 495.40 per share. The shares of the company have touched upper circuit of Rs 501.20.   

Waaree Renewable Technologies Ltd has received multiple projects of solar power and EPC-related work in Murtizapur and Yavatmal in Maharashtra to develop two solar power projects comprising of 5.5MWp and 13MWp of solar capacity under the IPP segment.   

The company received successfully commissioned a 70 MW DC solar power project for the customer out of aforesaid 140 MW DC solar plant capacity in two phases. The company also received LOA for Turnkey EPC works & operation & maintenance work in respect of solar power projects with a capacity of 154 MWp DC and 150 MWp DC respectively.  

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. Today, shares of the company saw a spurt in volume by more than 7.45 times on BSE.  

According to the financials, the company has a market cap of Rs 1,026.17 crore. The company reported excellent results in its both quarterly and annual consolidated financial statements. The net profit skyrocketed 966.91 per cent and the net profit rose 89.81 per cent in Q2FY23 compared to Q2FY22. Investors should keep an eye on this Small-Cap stock.