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Waaree Energies, a prominent player in India's solar energy sector specializing in PV module manufacturing, has witnessed a meteoric rise in its share price since its listing on the exchanges last week. The company's shares have surged nearly 50 percent, reaching a fresh peak on November 6th, fueled by sustained buying interest in the solar power sector.
On November 6th, Waaree Energies' shares touched an intraday high of Rs 3,743 per share on the National Stock Exchange (NSE), representing a 7.78 percent increase during the trading session. This marked a new peak for the company's stock price, highlighting the strong investor confidence in its future prospects.
The upward trend in Waaree Energies' shares began on October 28th, the day of their listing on the NSE. The shares were listed at Rs 2,500, a premium of 66.33 percent over the issue price of Rs 1,503. Since then, the shares have continued their upward trajectory, gaining momentum and attracting significant investor interest.
The robust performance of Waaree Energies' shares has also propelled its market capitalization to a remarkable level. On the Bombay Stock Exchange (BSE), the company's market cap has surged to Rs 1,03,779.62 crore, reflecting the substantial value assigned to the company by the market. Notably, on the day of listing, the company's market valuation stood at Rs 67,866.35 crore, highlighting the significant increase in investor confidence.
Waaree Energies' impressive stock performance underscores the growing demand for solar energy solutions in India. The company's focus on PV module manufacturing, coupled with its established manufacturing facilities and an aggregate installed capacity of 12 GW as of June 30, 2023, positions it as a key player in the nation's solar energy landscape.
The company operates five manufacturing facilities strategically located in Gujarat and Uttar Pradesh, enabling it to cater to the increasing demand for solar energy solutions across the country. With the Indian government's ambitious renewable energy targets, Waaree Energies is poised to benefit from the strong growth trajectory of the solar energy sector.