Waaree Energies recoups 8% from listing day fall; extends IPO gains to 48%

Waaree Energies shares rebounded 6.53 per cent to Rs 2,497 on the NSE Tuesday, with 0.63 million shares worth Rs 1,553.32 crore traded on the NSE and BSE amidst a weak market

Shares of green energy company Waaree Energies showed some recovery a day after their market debut, jumping 6.53 per cent to an intraday high of Rs 2,497 on the NSE on Tuesday, amidst an otherwise weak market. A combined total of nearly 0.63 million shares of Waaree Energies, worth around Rs 1,553.32 crore, changed hands on the NSE and BSE.

 

Waaree Energies is a leading Indian renewable energy company specialising in solar energy solutions. Founded in 2007, the company has established itself as a prominent player in the global solar industry. Waaree Energies manufactures solar photovoltaic (PV) modules and offers EPC services for solar projects. With a presence in over 25 countries, the company has installed over 2.5 GW of solar capacity worldwide. As of October 29, Waaree Energies boasts a market capitalization of Rs 70,404.49 crore.

 

Following its IPO completion, Waaree Energies' shares made their debut on October 28, 2024, at Rs 2,550 on the BSE, reflecting a 69.66 per cent premium over its IPO allotment price of Rs 1,503. On the NSE, it debuted at Rs 2,500, showing a 66.33 per cent premium. Post-listing, market analysts recommend partial profit booking while suggesting retaining a long-term position, citing the company's strong fundamentals, reputable brand image, and positive industry tailwinds.

 

Independent analyst Ambareesh Baliga advised investors who were allotted the company's shares to book 50 per cent profits. He recommended buying in the future at levels closer to Rs 2,000-2,200 per share. 

 

Astha Jain, senior research analyst at Hem Securities, mirrored Baliga's views, suggesting holding partially for the long term due to the company's strong fundamentals, good brand image, great infrastructure, and industry tailwinds. Jain further said, "Investors who want to make a fresh entry can do so at around Rs 2,100 or Rs 2,150 per share."

 

At 12:23 PM on Tuesday, Waaree Energies shares were trading at Rs 2,457.10, up 5.05 per cent from their previous close of Rs 2,338.90. The company's stock is currently trading 48 per cent higher than its IPO allotment price of Rs 1,503. 

 

Meanwhile, benchmark equity indices BSE Sensex, and NSE Nifty50 were trading lower on Tuesday. The BSE Sensex was quoted at 79,574.95, down 430.09 points or 0.54 per cent, and the NSE Nifty at 24,289.50, down 49.65 points or 0.2 per cent.