Wed Nov 06 23:14:30 UTC 2024: ## Waaree Energies Market Cap Surpasses Rs 1 Lakh Crore After Record Share Surge
**Mumbai, India -** Waaree Energies, a leading solar panel producer recently listed on the BSE, witnessed a phenomenal rise in its market capitalisation, surpassing Rs 1 lakh crore on Wednesday. This surge followed a 7.6% jump in its share price, reaching a record high of Rs 3,740.75.
The company’s impressive performance reflects its robust growth trajectory, driven by both domestic and international expansion. Waaree Energies is currently constructing a 3 GW production facility in the US to further diversify its operations and enhance its global presence.
The company’s financial results for FY24 showcased strong growth, with operating revenue rising 69% year-on-year (YoY) to Rs 11,398 crore. Profit after tax more than doubled to Rs 1,274 crore.
Waaree Energies, with a total installed capacity of 12 GW as of June 2024, holds the title of India’s largest producer of solar PV modules. Its impressive performance has been recognized in the industry, securing the second-highest operational income among all Indian domestic solar PV module producers for Fiscal Year 2024.
The stock, which debuted on the BSE on October 28 at Rs 2,550, a premium of 69.7% over its IPO issue price of Rs 1,503, has witnessed a significant surge, gaining almost 49% in the last week. This surge can be attributed to the persistent buying interest in the solar power industry.
The company’s Rs 4,321 crore IPO had garnered an overwhelming response, with bids totalling Rs 2.41 lakh crore and 97.34 lakh applications, setting a new record for the most ever for an IPO in India’s main market history.
Waaree Energies’ impressive performance and expansion plans solidify its position as a leading player in the global solar energy industry, making it a company to watch in the future.
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