Shares of the multibagger green energy company, Waaree Renewable Technologies Ltd, soared to an all-time high following the announcement of a board meeting scheduled for January 20, 2024, to consider the proposal for the sub-division/split of the company's equity shares. The solar panel manufacturer's stock, which closed at Rs 2458.15 in the previous session, surged to a record high of Rs 2703.95 on January 5, 2024, on the BSE, hitting the upper circuit of 10%.
Waaree Renewable Technologies had experienced a low point in the past year, reaching Rs 470 on January 11, 2023. However, the recent surge has positioned the stock at new heights. In the latest session, a total of 1.98 lakh shares exchanged hands, amounting to a turnover of Rs 52.37 crore. The market capitalization of the firm climbed to Rs 5519.70 crore on the BSE.
From a technical standpoint, the relative strength index (RSI) for Waaree Renewable is at 90.2, indicating that it is currently trading in the overbought zone. The stock exhibits low volatility over the past year with a one-year beta of 0.5. Additionally, Waaree Renewable shares are trading above the 5-day, 10-day, 20-day, 50-day, 100-day, and 200-day moving averages.
The company officially communicated to the bourses, stating, “Pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that a Meeting of the Board of Directors of the Company will be held on Saturday, January 20, 2024, to consider inter alia, the proposal for Sub-Division /Split of the Equity Shares of the Company.”
