Waaree Renewable Technologies gains 7%; here's what is boosting rally

Waaree Renewable Technologies shares jumped 7 per cent in Monday's trade on BSE, logging an intraday high at Rs 1,118 per share. The buying interest in the stock came after the company received a letter of intent (LOI) from a leading wind energy company.

 

A Letter of Intent (LOI) is a formal document that outlines the preliminary understanding between two or more parties before they enter into a more detailed and binding agreement. It serves as a declaration of the intention to pursue a certain course of action, often in business transactions, negotiations, or agreements.

 

Around 12:31 PM, Waaree Renewables share price was up 6.7 per cent at Rs 1,114.35 per share on BSE. In comparison, the BSE Sensex was up 0.79 per cent at 77,222.51. The market capitalisation of the company stood at Rs 11,616.72 crore. The 52-week high of the stock was at Rs 3,037.75 per share and the 52-week low was at Rs 530.02 per share.  

 

The letter of intent is for the execution of Engineering, Procurement, and Construction (EPC) works for a ground-mount solar power project of 105 MWp (DC) capacity on a turnkey basis. The project is scheduled to be completed in the financial year 2025- 26, as per the terms of the order.

 

Waaree Renewables Technology is a company specialising in renewable energy solutions, primarily focused on solar energy. The company manufactures high-quality solar panels, solar inverters, and energy storage systems, catering to a wide range of residential, commercial, and industrial applications. 

 

Waaree is also involved in the development of large-scale solar power projects and provides operation and maintenance services to ensure the long-term performance of solar installations. As India strives to meet its renewable energy targets, Waaree plays a significant role in advancing solar power adoption, contributing to a more sustainable energy future by reducing reliance on fossil fuels and supporting clean energy growth. The company is headquartered in Mumbai, Maharashtra, and is a key player in India's renewable energy sector.