Which Solar Stock Turned into a Multibagger in Three Years?

Published : 17 July 2023

By : Sachin Gupta

Over the past three years, Waaree Renewable Technologies Ltd. has increased by over 15,000%. On July 10, 2020, the stock closed at Rs 8.2, but it increased to a record high of Rs 1257.90 on July 13, 2023 on the BSE.

A subsidiary of the Waaree Group, Waaree Renewables Technologies Limited (WRTL) is in charge of the Solar EPC market. More than 10,000 solar projects, with a combined operating capacity of more than 600 MW, have been installed successfully by Waaree Group.

Out of the aforementioned 210 MW DC capacity, Waaree Renewable Technologies announced on July 3 of this year that 122.50 MW DC of solar power projects had been successfully commissioned for the customer. The letter of Award for the 210 MW DC solar power plant's EPC services was received on October 29, 2021, the company said.

The company reported receiving a work order for turnkey Engineering, Procurement and Construction (EPC) services on July 6, 2023, in relation to the setup of a solar power project with a 100 MWp capacity, as well as five years of operation and maintenance services.

A total of 0.34 lakh shares of the company were traded for a total session turnover of Rs. 4.23 crore. Waaree Renewable Technologies' market capitalization increased to Rs 2621 crore.

For the three months ending March 2023, one promoter owned 74.51 percent of the company, and 11,119 public shareholders owned 25.49 percent. Of these, 24.12 lakh shares, or 11.69% of the total, were held by 10646 resident individuals with up to Rs 2 lakh in capital.