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Waaree Renewable Share Price may remain bearish till Rs 1294, see updated news

Waaree Renewable Technologies Ltd. (BSE: 534618), a leading player in India’s rapidly growing solar energy sector, has been making headlines with its impressive stock performance. Despite the recent market volatility, analysts remain bullish on the company’s long-term growth prospects, citing its strong order pipeline, robust balance sheet, and the government’s unwavering commitment to renewable energy development.

Waaree Renewables Stock Price Surges 554% YTD

Waaree Renewable Technologies Ltd. shares have been on a remarkable run in 2024, surging 554.33% year-to-date as of May 6, 2024. The stock touched its 5% upper circuit limit of Rs 2,871.40 on Monday, May 6, 2024, following a 5:1 stock split that went ex on March 15, 2024.

Analysts Predict Further Upside Potential for Waaree Renewable Share Price

According to Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, the support for Waaree Renewable Technologies Ltd. is expected to be at Rs 2,600, while resistance will be at Rs 3,030. A decisive close above the Rs 3,030 level may trigger further upside till Rs 3,300, with the expected trading range for the stock between Rs 2,600 and Rs 3,300 for the month.

Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, expressed his optimistic viewpoint, stating, The stock could potentially reach the Rs 2,950 level in the near term. It is advisable to maintain a stop loss at Rs 2,800.

However, AR Ramachandran from Tips2trades holds a bearish stance on the stock, considering it overbought on daily charts with strong resistance at Rs 3,040. A daily close below the support of Rs 2,613 could potentially lead to a decline in the stock price to Rs 2,182 in the near term.

India’s Solar Energy Capacity Exceeds 85 GW

As of June 2024, India’s solar energy capacity has exceeded 85 GW, accounting for 19% of the country’s total power capacity. This milestone underscores India’s significant role in the global renewable energy sector, with the government prioritizing the energy transition and providing robust policy support emphasizing on solar energy.

Waaree Renewables Positioned for Growth

Dilip Panjwani, CFO of Waaree Renewable Technologies, commented on the company’s progress and future prospects, stating, As a company dedicated to sustainability, we are pleased to share our progress and future prospects. India’s commitment to cutting carbon intensity, achieving 50% renewable energy by 2030, and reaching net-zero emissions by 2070 is clearly demonstrated. Solar energy now represents 85% of all new renewable capacity, signalling a strategic shift towards greater energy security and reduced reliance on fossil fuels.

He further added, With ongoing technological progress and supportive policies, we are confident to capitalize on these opportunities. Our robust order pipeline and strong balance sheet positions us to deliver significant value to our stakeholders while furthering global sustainability efforts.

Long-Term Forecast Suggests Continued Growth

According to a long-term forecast by Wallet Investor, Waaree Renewable Technologies Ltd. stock is expected to continue its upward trajectory in the coming years. The forecast suggests that the stock could reach Rs 4,392.126 by December 2026, representing a potential upside of over 200% from the current levels.

The forecast also indicates that the stock could reach Rs 6,715.842 by December 2028 and Rs 7,664.580 by February 2029, underscoring the company’s strong growth potential in the long run.

Disclaimer: The information given in this article is from investment experts and brokerage companies, they do not represent Local Haryana. Before taking any investment related decision, you must consult a certified expert.

Sandeep Kumar

Sandeep Kumar is an experienced Hindi and English news writer with nearly 5 years of experience in the media industry. He started his career with a digital news website chopal TV, where he worked in many sections including auto, tech and business. He loves writing and reading news related to technology, automobile and business. He has covered all these sections extensively and presented excellent reports for the readers. Sandeep Kumar has been trying to provide correct and accurate information to the readers on Local Haryana for the last 1.5 months.

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