Waaree Energies Rises 2% After Arm Bags Solar Order

Shares of Waaree Energies touched a day’s high of Rs 2,935 on 30 June, after its arm won a solar module order from an overseas client.

The stock opened at Rs 2,900, a touch above its previous close of Rs 2,886.10, before climbing further as the session progressed.

Waaree Solar Americas Inc, a wholly owned arm of Waaree Energies, has secured an order to supply 236.22 MW of solar modules.

The customer is an international entity that develops and manages sustainable infrastructure projects in the renewable energy space. Deliveries under this contract are scheduled across the first and second quarters of FY28.

The company has clarified that this is a one time order and not a related party transaction, since neither the promoter nor the promoter group has any interest in the buyer. This comes days after Waaree issued a separate clarification on a US Customs and Border Protection probe.

The company said the CBP’s findings did not conclude that it had exported solar modules made from Chinese origin cells to the United States, and that an on site inspection of its Indian facility found no such exports had taken place.

On the financial front, Waaree posted strong numbers for the March quarter, with consolidated net profit jumping 71.4% year on year to Rs 1,061.10 crore. Revenue from operations more than doubled to Rs 8,480.25 crore for the same period.

As of 14:02 pm on 30 June, shares of the Mumbai based solar major were trading at Rs 2,918.30 on the NSE, up 1.12% for the day. The stock remains well below its 52 week high of Rs 3,865, though it has held steady on a weekly basis.

The future of investing is here! Tradz by EquityPandit leverages advanced AI technology to provide you with powerful market predictions and actionable stock scans. Download the app today and 10x your trading & investing journey!

The post Waaree Energies Rises 2% After Arm Bags Solar Order appeared first on Equitypandit.