Waaree Energies shares: Two factors why the solar energy stock is in focus today 

Shares of solar panel maker Waaree Energies Ltd are in news today after the firm said it received an order for supply of solar modules for 410 MWp from ABREL EPC Limited (a wholly owned subsidiary of Aditya Birla Renewables Limited) engaged in the business of owning, developing and operating renewable power projects in India. The supply of modules is set to start in FY 2025-26.

On Tuesday, Waaree Energies stock gained 1.60% to Rs 2269.40 against the previous close of Rs 2233.70. The market cap of the firm stood at Rs 65,196 crore .

Total 0.98 lakh shares of Waaree Energies changed hands amounting to a turnover of Rs 22.19 crore on BSE.

In another development, the renewable energy firm informed bourses about a tax search at its registered office and at its subsidiary Waaree Renewable Technologies Limited.

"On February 25, 2025, the Assistant Commissioner of State Tax, Mumbai, initiated search / inspection at the registered office of the Company and its subsidiary Waaree Renewable Technologies Limited. The search commenced at 3.45 pm and concluded at 8.00 pm, to be continued on next day," said Waaree Energies.

"Inspection or search in form INS-01 issued under Section 67(2) of the CGST/MGST Act. The authorities have requested details from the Company and its subsidiary in respect to the operations and the Company and its subsisidary are in process of submitting the required details. The search is continued and the authorities have not issued any official document in this regard. The proceedings are ongoing and the Company is co-operating fully in providing the data as per request placed," said Waaree Energies.

"The company’s normal operations have not been impacted. At this stage any financial or other impact cannot be ascertained," it added

The initial public offering (IPO) of Waaree Energies was open from October 21 to October 23, 2024. The Mumbai-based firm garnered Rs 4,321.44 crore from its IPO, which included a fresh share sale of Rs 3,600 crore and offer-for-sale (OFS) of up to 48 lakh equity shares.

Waaree Energies is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW. Its product portfolio includes solar energy products consisting of the PV modules such as multicrystalline modules; Monocrystalline modules; and TopCon modules.