Solar stock hits 5% upper circuit after receiving order from domestic entity

Published 16-01-2025, 03:23 pm
© Reuters.  Solar stock hits 5% upper circuit after receiving order from domestic entity

This microcap stock engaged in the business of trading e-vehicles, batteries, lithium batteries and artificial intelligence based products & services has hit upper circuit today after receiving orders.

Price Action

With a market capitalization of Rs 413 crores, the shares of Waaree Technologies Ltd (BO:WAAR) hit 5% upper circuit at a price of Rs 383.75 apiece. The shares are trading at an upside of 5 percent compared to the previous day closing price of Rs 365.50 per equity share.

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What Happened

Waaree Technologies Limited has received an order from a domestic entity involved in trading activities. The contract requires the delivery of 99 Solar Offgrid Combos, comprising batteries, solar panels, inverters, and related components.

This domestic order is scheduled to be completed within three months, with the key terms focusing on the supply of the specified quantity of offgrid combos.

About the Company

Waaree Tech Ltd. is a high-tech energy storage division of the globally acclaimed Waaree Group. Their source of revenue for the year comprises revenue from trading and sale of cells required for batteries and batteries itself. Their esteemed clientele includes renowned names like Gautam Solar, Godrej, Ace Ltd, and Greenvolt Mobility LLP.

Financials

The operating revenue of Waaree Tech Ltd fell from Rs 13.50 crores in H1FY24 to Rs 5.60 crores in H1FY25. This was accompanied by an increase in losses from Rs 1.99 crores to Rs 2.62 crores during the same period.

Written by Shwetha Sairam

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