Thu Nov 07 17:35:18 UTC 2024: ## Waaree Energies Soars After Securing Major Solar Module Order
**Mumbai, India -** Shares of Waaree Energies Ltd. surged on Wednesday, marking a new milestone for the company after securing its first order since listing on the stock exchange. The firm announced a contract to supply solar modules worth up to 180 MWp to a prominent Indian developer and operator of renewable energy projects.
The order, set to be fulfilled between November 2024 and Q4 of FY2025, sent Waaree Energies stock soaring 4.56% to close at Rs 3633.65, extending its winning streak to eight consecutive sessions. Intraday, the stock climbed an impressive 7.63% to a record high of Rs 3740.75 on the BSE, pushing the company’s market cap above Rs 1 lakh crore for the first time ever.
Analysts are generally optimistic about the stock’s future performance. Jigar S Patel of Anand Rathi sees support at Rs 3,400 and resistance at Rs 3650, with a potential further upside to Rs 3750 if the stock breaks above the Rs 3,650 level. Independent analyst AR Ramachandran, while acknowledging the bullish outlook, believes the stock is currently overbought and advises investors to book profits at current levels.
Ameya Ranadive of StoxBox highlights the “higher top, higher bottom” formation on the charts, signifying a positive trajectory. He anticipates a potential target price range of Rs 3,800-4,000, with minor support found at Rs 2,800-2,850 levels.
Waaree Energies, a leading Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW, successfully concluded its IPO in October, raising Rs 4,321.44 crore through a combination of fresh share sale and offer-for-sale. The company’s diverse product portfolio includes multicrystalline, monocrystalline, and TopCon solar modules.
The latest order signifies a strong start for Waaree Energies in the post-IPO era, reinforcing its position as a key player in the booming Indian renewable energy sector.
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