This stock zoomed 164% in 2 months on plans of stock split; up 816% in FY24

The company has fixed March 16 as the record date for its proposed 1:5 stock split.

Shares of Waaree Renewable Technologies (WRTL) hit a new high of Rs 7,090, and were locked at the 5 per cent upper circuit in an otherwise slippery market after the company fixed March 16, 2024 as the 'Record Date' for 1:5 stock split.

In comparison, at 11:01 am; the S&P BSE Sensex was down 0.22 per cent, while the S&P BSE Midcap and the S&P BSE Smallcap index slipped 1.4 per cent and 2.2 per cent, respectively.

The stock of the power generation company was trading higher for the sixth straight day, and has rallied 34 per cent during the period. In the past two months, the stock price of the company more-than-doubled or zoomed 164 per cent. Since April, thus far in the financial year 2023-24 (FY24), the market price of WRTL has skyrocketed 816 per cent.

On January 20, the company's board announced the corporate action of stock split of the face value of its equity shares in the ratio 1:5 per share.

WRTL on Tuesday in an exchange filing said the company fixed March 16, 2024 as the record date for determining entitlement of equity shareholders for the purpose of split/ sub-division of existing shares of the company, such that 1 equity share having face value of Rs 10 each, will be subdivided into 5 equity shares having face value of Rs 2 each.

WRTL is a subsidiary company of Waaree Group and spearheading the Solar EPC business. Waaree Group has successfully installed 10,000+ solar projects with cumulative installation done for over 1.2+ GW.

The Group operates across geographies, focusing on long-term investments within the commercial and industrial customer segments. This subsidiary was formed to tap into the growing renewable energy market. Waaree group is a leading renewable energy company that caters to Individual, Industrial and Commercial customers by encouraging them to adopt energy solutions that help in reducing the release of carbon.

The company provides clean energy to its clients by setting up both on-site solar projects (rooftop and ground-mounted) and off-site solar farms (open access solar plants).

India's Renewable Energy sector continues to play a pivotal role in the nation's pursuit of sustainable growth and energy security. Aligned with the government's commitment to achieving a net-zero emissions target by 2070, India's solar energy sector is at the forefront of renewable energy advancements. Key policies such as the Solar Park Scheme, PM KUSUM, Grid Connected Solar Rooftop Schemes, and other initiatives underscore the company’s dedication to expanding renewable energy sources.

According to a recent draft floated by the Central Electricity Authority, India would need substantial investment of Rs 4.75 trillion by 2027 towards investment in renewables. The share of solar power would rise to 206 gigawatt in the period. Over time, India's solar power sector has become a significant player in grid connected power generation capacity, aligning with the government's goal for substantial growth and reinforcing energy security.

The upward progress of the Indian renewable energy sector, buoyed by the government's commitment and strategic initiatives, sets a promising trajectory for the future, the company said.