Waaree Renewable Technologies stock hits new record high, zooms 50% in just 6 sessions; here's why

Shares of Waaree Renewable Technologies, the Solar EPC subsidiary of Waaree Group, hit a new record high of 2,849 apiece in today's trade by gaining 6%, building on its strong momentum for the seventh consecutive trading session. In the last six trading sessions, the shares have jumped from 1,797 apiece to 2,689, resulting in a stellar gain of 50%.

This impressive rally can be attributed to a series of positive developments. In an exchange filing on January 04, the company announced that its Board of Directors will meet on Saturday, January 20, 2024, to deliberate on various matters, including the proposal for the Sub Division/Split of the equity shares.

: On December 28, the company signed an agreement with Australia's 5B Industries to produce solar products in India. According to the company, this collaboration will open avenues for the commercialisation of the innovative 5B Maverick solar product, allowing for localisation, scalable production, and competitive deployment in India to supply to both local and international developers as well as EPC companies.

On December 05, the company secured a letter of intent from a leading glass and window solution company for the engineering, procurement, and construction works of a 4.27 megawatt solar power project on a turnkey basis. : Moreover, on November 07, Waaree Renewable Technologies secured a letter of award valued at 1.83 billion from an integrated, specialised seamless tube manufacturer in India.

This agreement is for the execution of engineering, procurement, and construction works for a 70 megawatt direct current capacity solar power project, along with its operation and maintenance for five years. Buoyed by these multiple order wins, the stock concluded November and December with gains of 4.30% and an impressive 38.34%, respectively.

The bullish trend continues in the current month. : About Waaree Renewable Technologies The company is primarily engaged in the business of renewable energy solutions, with a specific focus on solar power. The company operates as a solar engineering, procurement, and construction (EPC) company. It is also a solar developer that finances, constructs, owns, and operates solar projects.

Wealth creator In CY23, the company's shares saw a meteoric rise of over 296%, and in CY22, it generated a return of 63.62%, and the year before that, it produced a whopping return of over 1940%. : In total, the stock delivered a remarkable return of 13106% in the last three years. Looking at the last decade, it generated an impressive return of 19107%, moving up from 14 apiece to 2,689.

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