Waaree Group Stocks Under Pressure as Waaree Energies Debuts Strongly on BSE and NSE

Waaree Group stocks are currently experiencing sharp selling pressure following the debut of Waaree Energies on the BSE and NSE. Here’s a detailed overview of the recent developments concerning the group’s stocks:

Waaree Energies

• Debut Performance: Waaree Energies had a strong market debut, opening at ₹2,550 per share, which marked a 67% premium over its IPO price of ₹1,503. The stock later surged to a new 52-week high of ₹2,600, making it the most valuable stock in the Waaree Group, with a market capitalization of ₹70,189.03 crore.
• Market Position: Founded in 1990 and headquartered in Mumbai, Waaree Energies is a leading player in the renewable energy sector, boasting an installed capacity of 12 GW as of June 30, 2024, at its facilities in Gujarat.

Waaree Renewable Technologies (WRTL)

• Share Price Movement: Following the entry of Waaree Energies, WRTL saw its share price drop by approximately 4.3%, reaching an intraday low of ₹1,426.75. Despite this decline, the stock has delivered remarkable year-to-date gains of 235%.
• Corporate Actions: In 2024, WRTL distributed a ₹1 dividend per share, which went ex-dividend on September 9, 2024. Additionally, the company executed a 1:5 stock split, lowering the face value from ₹10 to ₹2, effective March 15, 2024.

Waaree Technologies (WTL)

• Stock Performance: WTL, a penny stock with a market capitalization under ₹1,000 crore, hit a lower circuit at ₹764.50, marking a significant correction from its 52-week high of ₹2,209.40. The stock has shown a modest year-to-date gain of only 3%.
• Background: Operating under the Waaree Group, WTL specializes in high-tech energy storage solutions. The company had previously conducted a bonus issue of 2:5 that took effect on November 3, 2020.

Overall Market Impact

The debut of Waaree Energies has led to noticeable adjustments in the prices of both Waaree Renewable Technologies and Waaree Technologies. The decline in their share prices indicates that investors may be reallocating their holdings in response to the new stock’s strong performance.

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Disclaimer: This information is for informational purposes only and should not be considered financial advice. Please conduct your own research or consult a financial advisor before making investment decisions. The performance of stocks can fluctuate, and past performance is not indicative of future results.