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Waaree Energies Falls 4% After 7-Day Winning Streak
Last Updated: 13th December 2024 - 04:21 pm
Shares of Waaree Energies broke their seven-day winning streak on December 13, falling 4% as investors took advantage of the stock's recent surge to book profits. Over the past seven sessions, the stock had risen by more than 20%, providing ample opportunity for partial profit-taking.
As of 10:51 AM, Waaree Energies shares were trading at Rs 3,193 on the NSE. Despite the recent decline, the stock still boasts gains of over 10% for the past week.
The recent rally in the company's shares has been fueled by several positive developments, bolstering investor sentiment. Notably, Waaree Energies secured two major orders this week, which contributed to its upward trajectory.
The first order involves supplying up to 1 GW of solar modules to a leading renewable energy company in India, with deliveries scheduled for FY25 and FY26, according to a regulatory filing. The monetary value of the deal was not disclosed.
Shortly after, the company received another significant contract to develop a 170 MW solar power plant in Madhya Pradesh, awarded by Rewa Ultra Mega Solar Limited.
Waaree Energies made a remarkable stock market debut in early November, listing at Rs 2,500—an impressive 66% premium over its IPO price of Rs 1,503 per share. Since then, the stock has experienced an eventful journey, soaring by 50% to an all-time high of Rs 3,743 before retreating due to profit-taking. Recently, it regained momentum, climbing steadily over several sessions until profit booking emerged once again.
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