Waaree Energies surges 49% in a week

6 Nov 2024 , 12:53 PM

Waaree Energies, a recently listed solar panel producer, saw its market capitalisation surpass Rs 1 lakh crore on Wednesday after its shares surged up 7.6% to a record high of Rs 3,740.75 on the BSE.

In order to further diversify its operating capabilities, it is also growing its footprint by constructing a 3 GW production facility in the US.

The business’s operating revenue increased 69% year over year (YoY) to Rs 11,398 crore in FY24, and its profit after tax more than doubled to Rs 1,274 crore.

Due to persistent buying in the solar power industry, the stock, which debuted on the BSE on October 28 at Rs 2,550, a premium of 69.7% over the IPO issue price of Rs 1,503, has increased by almost 49% in the last week.

With bids totalling Rs 2.41 lakh crore and 97.34 lakh applications—the most ever for an IPO in India’s main market history—the Rs 4,321 crore IPO was met with an astounding reaction.

With a total installed capacity of 12 GW as of June 2024, Waaree Energies is the biggest producer of solar PV modules in India. The company had the second-highest operational income for Fiscal Year 2024 out of all Indian domestic producers of solar PV modules.

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