Stock of this power generation company has zoomed over 8500% since 2021

Thus far in the calendar year 2023, the stock zoomed has 148% as compared to a 7% rise in the S&P BSE Sensex

Shares of Waaree Renewable Technologies (erstwhile Sangam Renewables) rallied 14 per cent to hit a new high of Rs 1,242 on the BSE in Wednesday’s otherwise subdued trade. The S&P BSE Sensex was down 0.13 per cent at 65,529, at 12:15 pm.

The stock of the power generation company has zoomed 148 per cent thus far in the calendar year 2023. In comparison, the S&P BSE Sensex was up 7 per cent during the period. Since 2021, the market price of the company has skyrocketed 8,525 per cent from a level of Rs 14.40 at the end of calendar year 2020.

Last week, Waaree Renewable Technologies (WRTL) announced that it has received a work order for Turnkey Engineering, Procurement and Construction (EPC) services in respect of setting up of a solar power project of 100 MWp capacity along with five years of operation and maintenance services.

The company said it received orders from a group company of one of the India’s leading renewable energy developer. The project is expected to be completed in the financial year 2023-24 (FY24), subject to the terms and conditions of the order.

Last month, the company had received a work order of Turnkey EPC job work for EPC services in respect of setting up of a solar power project of 36 MWp DC capacity.

WRTL is subsidiary company of Waaree Group and spearheads the solar EPC business. Waaree Group has successfully installed 10000 plus solar projects with cumulative installation done for over 1.2 GW.

This subsidiary was formed to tap into the growing renewable energy market. Waaree group is a leading renewable energy company that caters Individual, Industrial and Commercial customers by encouraging them to adapt energy solutions that helps in reducing the release of carbon. The company provides clean energy to its clients by setting up both on-site solar projects (rooftop and ground-mounted) and off-site solar farms (open access solar plants).

India has set ambitious targets for a sustainable economy and power sector. The country aims to reduce carbon intensity by over 45 per cent and achieve 50 per cent renewable electric power by 2030. Renewable energy is transforming the country's power sector, meeting the rising demand for clean energy in homes, businesses, and communities.

The management said the company has a strong orderbook position and the bidding pipeline is also robust.

As on March 31, 2023, WRTL had total 20.81 million outstanding shares, of which 74.51 per cent are with the promoters. The remaining 25.49 per cent stake is with public shareholders, the shareholding pattern data shows.