Waaree Energies Shares Climb On New 362.5 MWp Solar Module Order

Waaree Energies Ltd. saw its share price rise by 4.45% after the company announced that it had secured a significant new order for the supply of solar modules. The order, totaling 362.5 MWp, was awarded by Khaba Renewable Energy Pvt Ltd, a subsidiary of Engie India.

The company posted on exchanges that it "has received an order for supply of solar modules for 362.5 MWp from a renowned customer engaged in the business of owning, developing and operating renewable power projects in India."

This new contract strengthens Waaree Energies' position as a key player in India's rapidly expanding renewable energy sector. The company, known for its vertically integrated solar manufacturing capabilities, produces high-quality solar photovoltaic modules. Waaree Energies operates multiple manufacturing facilities across India.

Waaree Energies was founded in 2007. It has established itself as a prominent player in the renewable energy sector, offering a range of products and services including solar modules, solar power packs, and engineering, procurement, and construction (EPC) services. Waaree has so far installed over 2 GW of solar projects across India and globally, contributing to a cleaner and greener future.

The scrip rose as much as 4.45% to Rs 2,319 apiece. It pared gains to trade 3.95% higher at Rs 2,308 apiece, as of 12:11 p.m. This compares to a 0.17% decline in the NSE Nifty 50 Index.

It has fallen 1.32% in the last 12 months. Total traded volume so far in the day stood at 1.0 times its 30-day average. The relative strength index was at 48.

One analysts tracking the company suggests a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 10.5%.