Waaree Renewable share price surges over 5% after bagging solar project worth ₹262 crore

Waaree Renewable share price jumped more than 5% during Wednesday's trading session following the announcement of a solar power project valued at ₹262 crore from Waaree Energies. The project is anticipated to be finished by the financial year 2025-26, in accordance with the terms of the order.

“Waaree Renewable has received a Letter of Award (LOA) for the execution of Engineering, Procurement and Construction (EPC) works for Ground mount solar power project including Operation and Maintenance (O&M) of 170 MW AC/255 MW DC capacity on turnkey basis” said the company in an exchange filing.

Earlier this month, the company announced that a consortium consisting of three firms, including itself, has obtained an order valued at ₹740.06 crore for EPC work on a 125 MWAC solar project.

In February, the firm also received a contract for a 40 MWh battery storage project from Continuum Green Energy. This project will be situated at wind-solar hybrid sites in Gujarat, as stated by Waaree Renewable Technologies. The contract is worth ₹40 crore, according to the announcement.

In January, the company secured an order worth ₹277.20 crore for the establishment of a ground-mounted solar project with a 105 MWp (DC) capacity on a turnkey basis.

Waaree Renewables Technology reported a decline of about 17 percent in its consolidated net profit to ₹53.48 crore for the December 2024 quarter, impacted by increased expenses. The company had recorded a net profit of ₹64.23 crore in the October-December quarter of the previous 2023-24 fiscal year, as noted in an exchange filing.

Waaree Renewable share price today

Waaree Renewable share price today opened at ₹943 apiece on the BSE, the stock touched an intraday high of 973.10, and an intraday low of ₹935.40. According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, Waaree Renewable share price has formed a base around the 2,100 levels and they are seeing a rounding bottom breakout, in the near term prices can extend upmove towards 2,700 level whereas 2,250 seems to be a strong support zone.

Anshul Jain, Head of Research at Lakshmishree Investment and Securities stated that after a buying climax at 3,032.5, Waaree Renewables share price saw a sharp 74.97% correction over 45 weeks, bottoming out at 759, which aligned with a key weekly swing low.

“Currently, a dead cat bounce is unfolding on the weekly chart, with the stock poised to test 1,039, a crucial short-term daily high. If momentum sustains, the next logical upside target stands at 1,269. While the bounce offers short-term trading opportunities, overall sentiment remains weak, and traders should exercise caution in chasing the rally,” added Jain.

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