Shares of Waaree Renewable Technologies Ltd hit 5% upper circuit on 20 February after the company announced bagging a solar project worth Rs 990.60 crore.

In its regulatory filing, the company said that it has received a Letter of Award (LoA) for the engineering, procurement and construction (EPC) work for a solar power plant of 980 megawatt peak on a turnkey basis.

The order was received from one of the leading renewable energy companies in the country and has to be executed in 12 months according to the LoA.

Taking the new order into account, the company’s unexecuted order book now stands at 2.141 gigawatt.

The company is engaged in the business of renewable energy solutions, focusing on solar power, and operates as a solar engineering, procurement, and construction company. They are also solar developers that finance, own, construct, and operate solar projects.

Earlier, the Board of Directors of the company announced a stock split in the ratio of 1:5 where a shareholder holding one share of the company will receive five shares of the company, which is subject to shareholder approval.

At 3:30 pm, the shares of Waaree Renewable closed 5% higher at Rs 4,650.15 on NSE.