Waaree Energies Ltd share price jumped over 3% on Friday after the company cleared capital expenditure plans of about Rs 8,175 crore to expand capacity across its energy storage, electrolyser, and inverter businesses. Shares of the company were trading at Rs 3,434.2 in the morning session on Tuesday, following the announcement.
Additionally, the board approved an expansion of the electrolyser manufacturing plant from 300 MW to 1,000 MW annual production capacity, requiring a capex of about Rs 125 crore in Waaree Clean Energy Solutions Pvt Ltd.
Waaree Energies stock touched a day’s high of Rs 3,469.00 and a low of Rs 3,359.00 so far in today’s trading session. Over the past year, Waaree has surged nearly 47 percent, trading between Rs 1,863.00 and Rs 3,865.00. It currently trades at a price-to-earnings multiple of 43.54.
The board meeting concluded at 7:30 p.m on Wednesday, 1 October.