'Sky is the limit': Waaree Energies shares hit fresh highs defying market correction

Recently-listed Waaree Energies Ltd on Monday continued their strong upward run for the sixth straight session despite a sharp cut in the market. The stock surged 4.35 per cent to hit a record high of Rs 3,015. It eventually settled 3.40 per cent higher at Rs 2,987.70. At this price, the scrip has rallied 98.78 per cent from its issue price of Rs 1,503. In fact, the counter has never closed in the red after delivering a strong listing pop on October 28.

Around 6.63 lakh shares changed hands today on BSE. The figure was lower than the two-week average volume of 8.04 lakh shares. Turnover on the counter came at Rs 191.17 crore, commanding a market capitalisation (m-cap) of Rs 85,831.60 crore.

A few analysts largely remained divided on the stock. "The stock is in a 'higher top higher bottom' formation. At present, it looks positive on charts and it seems that sky is the limit for Waaree Energies. The counter has potential to see Rs 3,200-3,400 very soon," market expert Raghvendra Singh told Business Today TV.

On the other hand, Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, suggested investors to book profit at current levels. "The stock has rallied from its issue price. Market participants should consider booking profit at the current market price," Singh stated.

The initial public offering (IPO) of Waaree Energies was sold between October 21 and October 23. The Mumbai-based firm raised 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.

Axis Capital, Jefferies India, IIFL Securities, Nomura Financial Advisory & Securities (India), SBI Capital Markets, Intensive Fiscal Services and ITI Capital were the book-running lead managers of the IPO, while Link Intime India served as the registrar.

Incorporated in December 1990, 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.

Meanwhile, Indian equity benchmarks fell sharply today amid weakness across all sectors. The 30-share BSE Sensex pack dived 942 points or 1.18 per cent to close at Rs 78,782 and the broader NSE Nifty index basket moved 309 points or 1.27 per cent down to end at 23,995.