Websol Energy System soars after its solar module gets MNRE approval

Websol Energy System jumped 8.34% to Rs 67.55 after the company said that the Websol Module has been approved by the Ministry of New and Renewable Energy (MNRE), Government of India.

The approval has been granted under the list of "Approved Module Manufacturer (ALMM) issued by the Government of India".

The company has also received approval of its module from Bureau of Indian Standards (BIS) and IEC 61215. The ALMM list and BIS certification has made Websol modules eligible to be sold in the domestic market for the project approved under the various schemes of the Government of India.

The company further said that there are potential export opportunities as well. The company has historically exported in 1992-2018 to multiple advanced countries.

On the BSE, 5.14 lakh shares were traded in the counter so far compared with average daily volumes of 23,648 shares in the past two weeks. The stock hit a high of Rs 68.55 and a low of Rs 66.25 so far during the day.

Websol Energy System manufactures solar cells and modules. The company is one of the largest merchant manufacturers of solar cells and modules in India and the only pure-play listed solar cell manufacturer, servicing the growing needs of the country's renewable energy revolution.

The company's net profit declined 27.9% to Rs 3.12 crore on a 124.1% increase in net sales to Rs 43.02 crore in Q1 Fy22 over Q1 FY21.

The scrip has outperformed the market in past one year, advancing 227.30% as against the 58.18% rise in the benchmark Sensex during the same period.

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