Shares of Waaree Energies Ltd soared 8% on Thursday, 12 December, after the company announced securing a project from Rewa Ultra Mega Solar Limited for developing a 170 megawatt (MW) solar power plant in Madhya Pradesh. 

The new project follows closely after the company secured an order to supply up to 1 GW of solar modules from a major renewable energy firm in India, with deliveries scheduled for FY25 and FY26, according to its regulatory filing. Waaree Energies has not disclosed the financial details of this order.

Waaree Energies stands as India’s largest producer of solar photovoltaic (PV) modules, with a total installed capacity of 12 GW. The company operates five manufacturing units spread across 143.01 acres in Gujarat and Uttar Pradesh. Beyond manufacturing, Waaree plays a significant role in advancing the renewable energy sector through its solar project development and electricity sales initiatives.

In early November, Waaree Energies shares made a stellar stock market debut, listing at Rs 2,500, a 66% premium over its IPO price of Rs 1,503 per share. 

The stock initially surged 50% to a record high of Rs 3,743 before experiencing sharp profit-booking that pulled it down from its peak. Recently, it has regained traction, showing a steady upward trend in recent trading sessions.

At 1:20 pm, the shares of Waaree Energies were trading 5.11% higher at Rs 3,336.85 on NSE. 

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