Shares of Waaree Energies Ltd remain in information today after the company stated it has actually obtained an order for supply of components approximately 180 Mwp from a distinguished consumer participated in business of owning, creating and running sustainable power tasks inIndia The supply of components is arranged to begin at the end of November 2024 and full in Q4 of FY 2025.
This is the very first order the business has actually obtained after noting on bourses.
On Wednesday, the supply shut 4.56% greater at Rs 3633.65 versus the previous close of Rs 3475.30. It expanded gains for the 8 straight sessions. On an intra day basis, the supply climbed up 7.63% to a document of Rs 3740.75 on BSE. Market cap of the company increased to Rs 1.04 lakh crore. The market cap of the company went across the Rs 1 lakh crore mark for the very first time ever before on Wednesday.
Total 9.71 lakh shares of the company transformed hands totaling up to a turn over of Rs 350.67 crore on BSE.
Most experts are favorable on the leads of the supply.
Jigar S Patel, Senior Manager – Equity Research at Anand Rathi stated,”Support will be Rs 3,400 and resistance at Rs 3650. A decisive move above the Rs 3,650 level may trigger a further upside of Rs 3750. The expected trading range will be between Rs 3,400 and Rs 3,750 for the short-term.”
AR Ramachandran, an Independent SEBI Research Analyst stated, “Waaree Energies stock price is bullish but also overbought on the intraday charts with next resistance at Rs 3947. Investors should be booking profits at current levels as a Daily close below support of Rs 3425 could lead to a target of Rs 2978 in the near term.”
Ameya Ranadive, CMT CFTe, Sr Technical Analyst at StoxBox stated, “Waaree Energies continued its remarkable performance in the stock market, defying broader market corrections. The stock is currently exhibiting a ‘higher top, higher bottom’ formation, which signals a continued positive trajectory. The price range of Rs 3,800-4,000 is anticipated as a potential target, with minor support found at Rs 2,800-2,850 levels.”
The going public (IPO) of Waaree Energies was open from October 21 to October 23. The Mumbai- based company accumulated Rs 4,321.44 crore from its IPO, that included a fresh share sale of Rs 3,600 crore and offer-for-sale (OFS) of approximately 48 lakh equity shares.
Axis Capital, Jefferies India, IIFL Securities, Nomura Financial Advisory & & Securities (India), SBI Capital Markets, Intensive Fiscal Services and ITI Capital were the book-running lead supervisors of the IPO, while Link Intime India acted as the registrar.
Waaree Energies is an Indian producer of solar PV components with an accumulation mounted ability of 12 GW. Its item profile consists of solar power items containing the PV components such as multicrystalline components; Monocrystalline components; and TopCon components.
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