Waaree Renewable shares climb 16% after investors seize ‘buy the dip’ opportunity

Shares of Waaree Renewable Technologies on Wednesday, January 15, hit an intraday high of ₹1,297.95 apiece on the BSE after investors engaged in heavy buying, seizing the opportunity following the resignation of the company’s Chief Financial Officer, Dilip Panjwani, last week.

Dilip Panjwani resigned from his position as the company’s CFO on January 7. "As discussed, please accept my formal resignation from my role as Chief Financial Officer of Waaree Renewable Technologies Ltd effective today on January 7, 2025. Per discussion, please note that the last date of my employment will be January 31, 2025. It has been a privilege to serve in this capacity and the experience and insights that I have garnered during my tenure have been invaluable," said Panjwani in a company release.

Panjwani resigned due to personal reasons and there were no material reasons for the same, the release noted.

The stock touched its lower circuit on Monday, January 13, plunging 20% to ₹951 apiece. The stock rebounded on Tuesday, jumping 19% in the afternoon trading session on January 14.

Now, the investors seem to be going after the ‘buy the dip’ opportunity, in which traders invest in a stock when its price has dropped, expecting to profit when it rises back up again.

Shares of the company closed 2.45% up at ₹1145.95 apiece on the BSE on Wednesday. The stock’s total traded value (TTQ) was 11.2 lakh shares after the markets closed today and the turnover, or the total traded value, stood at ₹133.01 crore. The company’s market capitalisation stands at ₹11,946.14 crore. As per BSE data, the stock has given around 140% returns during the past year. However, shares have experienced a 39% and 33% decline in the last 6 months and 3 months, respectively, The Economic Times reported citing BSE analytics data.

Waaree Renewable Technologies Q3 results

Waaree Renewable Tech will announce its quarterly results for the October-December quarter of the current financial year on January 16, as per an exchange filing. The company will also consider declaring an interim dividend with a record date, the filing added. Furthermore, it has scheduled a conference call for January 17 to discuss its financial results for the quarter and for nine months ending December 31, 2024.

Waaree Renewable Technologies Q2 results

For the July-September quarter of the current fiscal, (Q2 FY25), the BSE-listed company posted a consolidated net profit of ₹53.51 crore, noting a stellar 160% year-over-year (YoY) jump as compared to ₹20.54 crore in Q2 FY24.

The company’s total income increased to ₹527.86 crore in the reporting quarter from ₹150.93 crore in the year-ago period, marking a 250% increase on the back of higher volumes of projects executed.

About Waaree Renewable Technologies

Mumbai-based Waaree Renewable Technologies is a subsidiary of Waaree Energies Limited. It manages the solar EPC (engineering, procurement, construction) sector for the Waaree Group. It is engaged in power generation through renewable energy sources.

Waaree Group, established in 1989, has evolved into one of the fastest-growing conglomerates in India, with a strong presence in solar energy, instrumentation and energy storage. It has operations in over 68 countries and a workforce of more than 2,500 employees.