Waaree Energies shares surge 3% intraday after securing major order to supply solar PV modules; check details

In a filing to the stock exchanges on Monday, the company said that it has received a Letter of Award (LoA) for the supply of 180 MWp of solar modules from a renowned customer engaged in the business of owning, developing, and operating renewable power projects in India.

Waaree Energies did not disclose the value of the contract but mentioned that, as per the filing, the supply of modules is scheduled to commence in 2025-26.

Reacting to the development, shares of Waaree Energies gained as much as 3.3% to hit an intra-day high of ₹2,721 apiece on the NSE. However, the renewable energy stock pared its early gains to trade 0.77% lower at ₹2,614.3 apiece on the NSE at 12:28 pm amid a decline in the broader market.

The solar stock has declined 10% in the past month. However, shares of the company have gained 13% from their listing price. Waaree Energies shares were listed at ₹2,500 apiece in October 2024, a premium of over 66.3% over the issue price of ₹1,503 per share.

Waaree Energies is a major player in the solar energy industry in India and the largest manufacturer of solar PV modules in the country. The company was in the news earlier this week after ace investor Madhuri Madhusudan Kela bought a 1.16% stake in it during the third quarter ended September 2024.

According to the latest shareholding data of the company, Kela acquired 33,41,700 shares in Waaree Energies with an investment of ₹870.6 crore.

On January 10, Waaree Energies Ltd also announced that it had signed an agreement to acquire a 100% stake in Enel Green Power India Pvt. Ltd (EGPIPL) for up to ₹792 crore.

After the acquisition, EGPIPL will become a subsidiary of Waaree Energies. The company owns a portfolio of solar and wind projects in India, totalling approximately 640 MWAC in operational capacity.

Meanwhile, most of the leading renewable energy stocks traded in the negative territory amid the losses in the broader market. Waaree Energies Ltd’s subsidiary Waaree Renewable Technologies Ltd shares plunged as much as 5.74% to hit an intraday low of ₹1,005 apiece on the BSE.

On the other hand, NTPC Green Energy shares marginally gained in early trade. The stock rallied up to 0.89% to hit an intraday high of - ₹120.87 apiece on the NSE. However, the stock later slipped into negative territory. Shares of ACME Solar Holdings hit the lower circuit for the second straight day on Tuesday. The stock tanked as much as 2.64% to hit an intraday low of ₹208.35 apiece on the NSE. Shares of Premier Energies dropped 1.59% to a low of ₹1,174.95 apiece, while the Adani Green Energy shares tanked 2.75% to ₹ 1037.75 apiece on the NSE.