Waaree Renewables Share Price 438.34% Yearly Growth: What’s Driving the Surge?
On September 4, 2024, Waaree Renewable Technologies Ltd. is making headlines with its fluctuating share price. As of the latest updates, the share price stands at ₹1,403.50, reflecting a decline of 2.02% from the previous close of ₹1,432.45. This drop is part of a broader trend, as the stock has experienced a 7.26% decrease over the past week and an 18.87% drop in the last month. Despite these fluctuations, the company has shown impressive growth over the past year, with a staggering 438.34% increase in its share price compared to the previous year.
Main Points
Waaree Renewable Technologies, a prominent player in the renewable energy sector, has a market capitalization of approximately ₹14,617.35 crore. The stock is currently trading at a Price-to-Earnings (P/E) ratio of 88.43, indicating a relatively high valuation compared to its earnings. The company’s earnings per share (EPS) stands at ₹15.87, reflecting robust profitability.
The share price has seen a 52-week high of ₹3,037.75 and a low of ₹226.32, showcasing significant volatility. Investors should note that the stock’s beta is -0.83, indicating it tends to move inversely to market trends, which can be a double-edged sword for investors looking for stability.
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Important Support and Resistance Levels
In technical analysis, support and resistance levels are crucial for predicting future price movements.
- Support Level: The immediate support level for Waaree Renewables is around ₹1,400. If the share price drops below this level, it could lead to further declines.
- Resistance Level: On the upside, the resistance level is set at ₹1,500. If the stock can break through this level, it may signal a bullish trend.
- Waaree Renewables Share Price Today: As of today, the share price is ₹1,403.50.
- Waaree Renewables Stock Performance: The stock has shown a significant increase of 438.34% over the past year, despite recent declines.
- Waaree Renewables Market Capitalization: The current market cap is approximately ₹14,617.35 crore.
- Waaree Renewables Technical Analysis: The stock is currently facing resistance at ₹1,500 and support at ₹1,400.
- Waaree Renewables Quarterly Results: The company reported a net profit increase of 209.63% in the June 2024 quarter, reaching ₹28.30 crore.
Recent Developments
Waaree Renewables has been active in securing new projects. Recently, the company announced a ₹90 crore solar project, which is expected to enhance its revenue streams. Additionally, the company is set to hold its Annual General Meeting (AGM) on September 16, 2024, where it will discuss future strategies and shareholder dividends. The company’s financial health appears strong, with a return on equity (ROE) of 63.77% for the year ending March 31, 2024. This is significantly higher than its five-year average of 52.24%, indicating improved profitability and operational efficiency.
Investment Insights
Investors should consider both the potential risks and rewards associated with Waaree Renewables. While the stock has shown remarkable growth over the past year, the recent decline raises questions about its short-term stability. The high P/E ratio suggests that the stock may be overvalued, and potential investors should conduct thorough research before making investment decisions.
The company’s focus on renewable energy positions it well for future growth, especially as the global demand for clean energy continues to rise. However, market volatility and competition in the renewable sector could impact its performance.
Note: This article is written for educational purposes, Local Haryana does not provide buying and selling of any kind of stock
