Multibagger green energy stock hits upper circuit on plan to raise funds; overbought on charts

Shares of multibagger Waaree Renewable Technologies Ltd hit their record high today after the firm said a meeting of the board of directors would be held on Saturday, January 20, 2024 to consider the proposal for sub-division /split of the equity shares of the company. The solar panel maker stock, which closed at Rs 2458.15 in the previous session rose to a record high of Rs 2703.95 on January 5, 2024 on BSE. It hit upper circuit of 10% to a high of Rs 2703.95 on BSE. The stock fell to a 52-week low of Rs 470  on January 11, 2023.    

Total 1.98 lakh shares of the firm changed hands amounting to a turnover of Rs 52.37 crore in the session. Market cap of the firm climbed to Rs 5519.70 crore on BSE.    

In terms of technicals, the relative strength index (RSI) of Waaree Renewable stands at 90.2, signaling it's trading in the overbought zone. Waaree Renewable stock has a one-year beta of 0.5, indicating low volatility during the period. Waaree Renewable shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.     

“Pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that a Meeting of the Board of Directors of the Company will be held on Saturday, January 20, 2024 to consider inter alia, the proposal for Sub-Division /Split of the Equity Shares of the Company,” the firm said in a communication to bourses.  

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.   

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