Waaree Energies Stock Dips 4% After Seven-Day Winning Streak
On December 13, Waaree Energies’ stock experienced a 4% dip as investors locked in profits following the company’s impressive rally over the past week. The stock, which had surged over 20% in the previous seven trading sessions, closed this winning streak amidst partial profit-taking.
At 10:51 AM on the NSE, Waaree Energies was trading at Rs 3,193, reflecting a marginal dip but still maintaining a more than 10% gain over the past week.
Recent Surge Backed by Strategic Wins
The stock’s recent bullish trend can be attributed to key developments boosting investor sentiment. The company announced two significant deals that highlighted its growth prospects:
- 1 GW Solar Module Supply Agreement:
Waaree Energies secured an order to supply up to 1 GW of solar modules to a leading Indian renewable energy company. The deliveries are scheduled for FY25 and FY26, though the financial terms were not disclosed. - 170 MW Solar Power Plant Contract:
The company also bagged a major contract from Rewa Ultra Mega Solar Limited to construct a 170 MW solar power plant in Madhya Pradesh.
These developments underscore Waaree Energies’ strong position in the renewable energy sector and its ability to secure high-value contracts.
Stock Market Debut and Performance
Waaree Energies entered the stock market in early November with a remarkable listing at Rs 2,500, a 66% premium over its IPO price of Rs 1,503 per share. The stock then soared 50%, hitting an all-time high of Rs 3,743 before facing a correction due to profit booking.
Despite recent fluctuations, the stock has shown resilience, rebounding steadily over the last few sessions until today’s decline.
Outlook
While profit-taking has temporarily halted Waaree Energies’ upward momentum, the company’s strategic wins and consistent performance in the renewable energy space position it well for future growth. Investors will likely keep a close eye on further developments, including order execution and financial disclosures related to recent deals, which could catalyze the stock’s performance in the long term.
