Wed Nov 06 10:18:33 UTC 2024: ## Waaree Energies Stock Soars 148% Since Listing, Raises Concerns
**Mumbai, November 5, 2024:** Shares of recently-listed solar PV module maker Waaree Energies Ltd have skyrocketed, gaining another 7.64% today to hit a new record high of Rs 3,740.75. This impressive surge marks a 148.89% increase from its IPO price of Rs 1,503 in just eight trading sessions. The stock has never dipped below its listing price since debuting on October 28.
This dramatic price movement has caught the attention of stock exchanges, with both BSE and NSE placing Waaree Energies under short-term Additional Surveillance Measures (ASM) to alert investors about potential volatility. Today, both exchanges sought clarification from the company regarding the stock’s sudden rise.
Waaree Energies responded, stating there was no undisclosed information or upcoming announcements that could explain the share price surge. They attributed the movement to market forces and “various factors including market conditions.”
Despite the company’s statement, some market experts remain cautious. Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, advises investors with high-risk appetites to consider entering at current levels, but suggests serious investors wait for quarterly results.
Technically, analysts anticipate the stock to reach Rs 3,800-4,000 in the near future, with support potentially emerging around Rs 2,800-2,850. However, Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, recommends profit booking at current levels, citing the significant rally from the IPO price.
Waaree Energies’ success reflects the increasing focus on green energy and renewable sources. However, the rapid and unexpected price surge has triggered concerns about potential market manipulation and calls for investor caution.
First Piper 