Multibagger stock: Waaree Renewable Technologies stock climbed 5% to a high of Rs 2386.10 on BSE today. It closed at Rs 181.85 on April 19 last year.
Waaree Renewable shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
Shares of multibagger Waaree Renewable Technologies Ltd hit their record high today even as the equity market sentiment turned weak after Israel carried out missile attacks in Iran. The solar panel maker stock climbed 5% to a high of Rs 2386.10 on BSE today. It closed at Rs 181.85 on April 19 last year. Waaree Renewable Technologies market cap climbed 24,360 crore in the afternoon session on Friday.
Waaree Renewable Technologies clocked the highest turnover of Rs 523.92 crore after 22.55 lakh shares of the firm changed hands on BSE today.
The stock slipped to a 52-week low of Rs 157.02 on May 23, 2023. The green energy stock has risen 1198% in a year and gained 438% this year. Waaree Renewable stock has a one-year beta of 0.4, indicating low volatility during the period.
Abhijeet from Tips2trades said, “Waaree Renewables is bearish & overbought on the Daily charts with strong resistance at Rs 2400. A daily close below support of Rs 2068 could lead to target of Rs 1720 in the near term.”
Riyank Arora, Technical Analyst at Mehta Equities said, “The stock is indicating an anchor VWAP support zone somewhere around the 1850 – 1900 zone, where it should offer a good buying opportunity. With the stock continuously moving higher, making new highs and engaging in a vertical rally, it is expected that any short-term pullback will be viewed as a good buying opportunity on the stock. A minor support is placed at the Rs 2068 mark, below which the next support would be around the Rs 1900 levels. On the upside, a resistance is placed near the Rs 2750 levels.”
Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox said,”The stock has tripled in last three months, signalling a strong momentum in play. Such robust moves could see mild profit booking around current level of Rs 2300. Medium-term support exists at Rs 1800, with immediate falls at Rs 2000 mark. The overall trend appears resilient, as the volume scenario implies a rising trend, despite trading in the overbought territory of Relative Strength Index (RSI). The bullish trend is headed to Rs 2600.”
Shiju Koothupalakkal – Technical Research Analyst at Prabhudas Lilladher said, “Technically, the stock has some erratic price movement with series of upper and lower circuits. So investors can maintain a cautious approach for this stock. One can witness a series of higher low formations on the daily chart taking the price to new heights with currently finding resistance near Rs 2386 zone has halted the rally and witnessed profit booking to slip down with support visible near Rs 1960 levels. A decisive breach above Rs 2380 zone can take the price to next target of Rs 2360 level once the strength is sustained.”
In terms of technicals, the relative strength index (RSI) of Waaree Renewable stands at 81.2, signaling it’s trading in the overbought zone.
Waaree Renewable shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
In the December 2023 quarter, the firm reported a revenue of Rs 324.7 crore against Rs 74.2 crore profit in the corresponding quarter of previous fiscal. Net profit more than doubled to Rs 64.5 crore in the December 2023 quarter against Rs 25.1 crore in the December quarter of 2022.
Operating profit climbed to Rs 87.8 crore for the quarter ended December 2023 against Rs 35.8 crore in the corresponding quarter of the previous fiscal.
On an annual basis, net profit zoomed to Rs 55.4 crore for the fiscal ended March 2023 against profit of Rs 8.6 crore for the fiscal ended March 2022. For the fiscal ended 2021, the reported a loss of Rs 2.4 crore.
Revenue climbed to Rs 352.5 crore for the fiscal ended March 2023 against profit of Rs 169.8 crore for the fiscal ended March 2022. For the fiscal ended 2021, the reported revenue of Rs 15.4 crore.
Waaree Renewables Technologies Limited (WRTL), formally known as Sangam Renewables Limited) is a subsidiary company of Waaree Group and spearheads the Solar EPC business. Waaree Group has successfully installed 10000 plus solar projects, with a total operating capacity of 600 plus MW.
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