Upcoming 1:5 Stock Split: Record Date In 6 Days; Buy The Power Stock?

As of Thursday's closing session, Waaree Renewable Technologies Ltd. has a market capitalization of Rs 15,507.83 Cr, making it a mid-cap company in the power sector. The power company's shares closed at a 5% upper circuit limit of Rs 7445 a share, which was also the level of their record high achieved on March 7, 2024. One of India's top solar EPC companies is Waaree Renewable Technologies Limited. The stock reached on March 7, 2024, at Rs 7,445.00 to a fresh 52-week-high, and fell to Rs 600.50 on March 14, 2023, which was the 52-week low. Waaree Renewable Technologies is probably going to be the stock to watch this week since Saturday, March 16, 2024, is the record date for the 1:5 stock split that has been announced with the aim of encouraging wider participation of small investors; and enhancing liquidity of the Equity Shares of the Company in the stock market.

Waaree Renewable Technologies Stock Split Record Date

"Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Company has fixed Saturday, March 16, 2024 as the "Record Date" for determining entitlement of Equity Shareholders for the purpose of split/ sub-division of existing Equity Shares of the Company, such that 1 (one) equity share having face value of Rs. 10/- (Rupees ten only) each, fully paid-up, will be sub-divided into 5 (five) equity shares having face value of Rs. 2/- (Rupee two only) each, fully paidup, ranking pari-passu in all respects which was approved by the Equity Shareholders through Postal Ballot on March 01, 2024 as already intimated to the Stock Exchange vide our letter dated March 02, 2024," said Waaree Renewable Technologies in a regulatory filing on March 05, 2024.

Waaree Renewable Technologies Financials

According to Waaree Renewable Technologies Ltd, during the December 2023 quarter, its consolidated Profit After Tax (PAT) more than doubled to Rs 64.46 crore. The company stated in a statement that it had recorded a PAT of Rs 24.98 crore during the same period last year. In the third quarter of the current fiscal year, the company's total revenue climbed to Rs 324.19 crore from Rs 73.88 crore in Q3FY23. According to Waaree Renewable Technologies Ltd., a subsidiary of the Waaree Group, the company received a massive 70 MW solar power project during the quarter, and as of December 31, its unexecuted order book reached 749 MW.

Waaree Renewable Technologies Share Price Target

Waaree Renewables is bullish but also overbought on the Daily charts with next resistance at 8690. A daily close below support of 7090 could lead to a target of 5340 in the near term, said AR Ramachandran from Tips2trades.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.