Multibagger green energy shares hit upper circuit ahead of record date for stock split

Shares of multibagger Waaree Renewable Technologies Ltd were stuck in the upper circuit of 5% today a day ahead of the record date for stock split. The firm announced subdivision of shares in the ratio of 1:5.

The company announced the stock split on January 20, 2024. The stock split is expected to result in encouraging wider participation of small investors. and raising liquidity of equity shares in the stock market. 

The solar panel maker stock, which closed at Rs 1340.45 in the previous session rose 5% to a high of Rs 1407.45 today.

The stock fell to a 52-week low of Rs 124.79 on March 16, 2023 and climbed to a 52 week high of Rs 1641 on March 12, 2024. 

The stock has risen 1016% in a year and gained 221% this year.

Total 1.27 lakh shares of the firm changed hands amounting to a turnover of Rs 17.79 crore in the session. Market cap of the firm climbed to Rs 14,658 crore on BSE.  

In terms of technicals, the relative strength index (RSI) of Waaree Renewable stands at 63.6, signaling it's trading neither in the overbought nor in the oversold zone. Waaree Renewable shares are trading lower than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.   

Waaree Renewable stock has a one-year beta of 0.6, indicating low volatility during the period.

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.