The stock quoted a 52-week high of Rs 5484.00 and a 52-week low of Rs 3637.00.
Posts in category All News
OROP significant step towards reaffirming nation’s gratitude to its heroes: PM Modi (07-11-2024)
The Prime Minister, Narendra Modi marking ten years of One Rank One Pension (OROP) scheme said it was a tribute to the courage and sacrifices of our veterans and ex-service personnel who dedicate their lives to protecting our nation. He added that the decision to implement OROP was a significant step towards addressing this long-standing demand and reaffirming our nations gratitude to our heroes. Modi assured that the Government will always do everything possible to strengthen our armed forces and further the welfare of those who serve us. The government took the decision to implement OROP by issuing an order on November 7, 2015, making its benefits effective from July 1, 2014.
Brookfield India Real Estate Trust (BIRET) – Institutionally managed REIT (07-11-2024)
they have again proposed to raise 35,000 Millions with QIP with their presentation, creating downward pressure on price yet again. Distributions also haven’t risen since the last QIP round.
Can any brave soul attend the Video Conference and ask those geniuses why you need to raise capital so frequently and effectively reducing our interest in favour of your big institutional buddies?
Apologise for my language but this is quite agonizing since they have adequate room for raising debt but they keep diluting our holdings for seemingly no reason ?
Disc. Invested & feeling stupid.
Rajeesh’s Portfolio (07-11-2024)
Singles and doubles day
Bought 10 shares of Manappuram Finance at 153 and 1 share of Tata motors @ 829
Unsure what market is trying to do here, Manappuram have taken adequate steps to mitigate the Microfinance Debacle. Even with that their Q2 results are indeed impressive at an AuM of Rs.45600 Cr and estimates beating results, the scrip is still going down. May be the SEBI ban needs to be lifted I suppose for their Ashirvad subsidiary. And Gold prices are going down with Trump’s victory, good time to accumulate Manappuram
HDFC AMC shares 0.27% as Sensex falls (07-11-2024)
On the technical charts, the RSI of the stock stood at 54.37.
Waaree Energies Ltd. – Is it just the Dawn? (07-11-2024)
About Waaree Energies Ltd –
Incorporated in December 1990, Waaree Energies Limited is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW.
Key Points
Market Leadership
Waaree Energies is India’s largest manufacturer and exporter of solar modules. As of FY24, it holds a 21% share of the domestic market for solar modules and a 44% share in India’s solar module exports. Its installed capacity surged from 2GW in FY21 to 13.3GW by FY24.
Product Portfolio
The solar PV modules are manufactured using multicrystalline, monocrystalline, and advanced technologies like Tunnel Oxide Passivated Contact (TOPCon), which minimizes energy loss and boosts efficiency.
Its product range includes multicrystalline modules, monocrystalline modules, TOPCon modules, flexible modules, bifacial (Mono PERC) modules, and building integrated photovoltaic (BIPV) modules.
Manufacturing Facilities
Waaree Renewables operates 5 manufacturing facilities in India. These are in Gujarat (Surat, Tumb, Nandigram, and Chikhli) and Uttar Pradesh (Indosolar Facility, Noida). With a total installed capacity of 12 GW as of June 2024, the company is expanding its facilities to 20.9 GW by 2027, including backward integration into solar cells, ingot, and wafer production.
Plant A: Located in Chikhli, Gujarat, this plant is the largest, with a capacity of 9.66 GW, producing both monocrystalline and multi-crystalline modules.
** Trading Business**
The company engages in the trading of solar components, including inverters, batteries, and solar water pumps, sourced from global suppliers.
** Revenue Bifurcation – Product wise**
- Solar PV Modules: 78%
- Solar EPC Services: 15%
- Energy Storage Systems & Others: 7%
Revenue Bifurcation
- Export Sales: 57.64%
- Direct Sales to Utilities and Enterprises: 30.05%
- Retail Sales: 10.15%
- Other Income: 0.8%
International Business
The company exports solar PV modules to markets including the United States, Canada, Italy, Hong Kong, Turkey, and Vietnam. The U.S. is their largest export market, accounting for 57% of export sale
New International Manufacturing Facility
Waaree is setting up a 1.6GW solar PV module manufacturing facility in Houston, Texas, to cater to demand in the United States. This facility is expected to be operational by the end of FY25, with plans to expand capacity to 5GW by FY27
Focus on Backward Integration
Waaree Energies is working towards reducing its dependency on imported solar cells by establishing domestic manufacturing capabilities.
Waaree is setting up a fully integrated 6 GW facility in Odisha for the production of ingots, wafers, solar cells, and solar PV modules. This facility is expected to commence commercial operations by FY27
Order Book
As of June 30, 2024, Waaree Energies Limited boasts a substantial 16.6 GW order book for solar PV modules, including domestic, export, and franchisee orders.
Clients
In FY23, Co. served 566 Customers in India and 33 International customers.
Top 1 Customer – ** 9% of FY24 revenue
Top 10 Customers – ** 57% of FY24 revenue
IPO Details
Co. raised 4,321 Crs through the IPO and got listed on Oct 28, 2024.
The fresh issue of 3600 Crs will be utilized for:
A) Financing the CAPEX of establishing the Odisha Plant.
B) General corporate purposes.
| Narration | Jan-00 | Jan-00 | Jan-00 | Jan-00 | Jan-00 | Mar-20 | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Trailing | Best Case | Worst Case |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | – | – | – | – | – | 1,995.78 | 1,952.78 | 2,854.27 | 6,750.87 | 11,397.61 | 6,737.19 | 20,521.10 | 16,034.93 |
| Expenses | – | – | – | – | – | 1,903.01 | 1,867.93 | 2,748.32 | 5,915.06 | 9,822.80 | 5,717.12 | 17,414.02 | 14,303.52 |
| Operating Profit | – | – | – | – | – | 92.77 | 84.85 | 105.95 | 835.81 | 1,574.81 | 1,020.07 | 3,107.08 | 1,731.42 |
| Other Income | – | – | – | – | – | 25.01 | 44.65 | 96.58 | 87.74 | 576.11 | 174.22 | – | – |
| Depreciation | – | – | – | – | – | 27.13 | 28.54 | 43.27 | 164.13 | 276.81 | 132.64 | 132.64 | 132.64 |
| Interest | – | – | – | – | – | 33.71 | 29.66 | 40.88 | 82.27 | 139.91 | 73.77 | 73.77 | 73.77 |
| Profit before tax | – | – | – | – | – | 56.94 | 71.30 | 118.38 | 677.15 | 1,734.20 | 987.88 | 2,900.67 | 1,525.01 |
| Tax | – | – | – | – | – | 17.92 | 23.79 | 38.72 | 176.88 | 459.82 | 248.50 | 25% | 25% |
| Net profit | – | – | – | – | – | 41.71 | 48.51 | 75.64 | 482.76 | 1,237.18 | 730.17 | 2,171.01 | 1,141.39 |
| EPS | – | – | – | – | – | 2.12 | 2.46 | 3.84 | 24.49 | 62.77 | 25.42 | 75.57 | 39.73 |
| Price to earning | 131.73 | 131.73 | 131.73 | ||||||||||
| Price | – | – | – | – | – | – | – | – | – | – | 3,348.15 | 9,955.02 | 5,233.79 |
| RATIOS: | |||||||||||||
| Dividend Payout | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||
| OPM | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 4.65% | 4.35% | 3.71% | 12.38% | 13.82% | 15.14% | ||
| TRENDS: | 10 YEARS | 7 YEARS | 5 YEARS | 3 YEARS | RECENT | BEST | WORST | ||||||
| Sales Growth | 80.05% | 68.83% | 80.05% | 68.83% | |||||||||
| OPM | 10.80% | 10.80% | 10.80% | 11.98% | 15.14% | 15.14% | 10.80% | ||||||
| Price to Earning | 131.73 | 131.73 | 131.73 | 131.73 | 131.73 | 131.73 | 131.73 | ||||||
| Source – Screener |
Risks
- Policy and Regulatory Changes: Shifts in government incentives or tariffs for renewable energy could impact revenue and profitability.
- Intense Competition: A crowded market with many local and international players could lead to price pressures and margin compression.
- Supply Chain Disruptions: Reliance on raw materials and imported components exposes Waaree to risks from supply shortages and price volatility.
- Technology and Innovation Risks: Rapid advancements in solar technology require continuous investment; falling behind could reduce competitiveness.
- Financial Dependence on Subsidies: Changes or reductions in government subsidies and incentives could reduce demand for solar projects, affecting Waaree’s growth.
A closer look –
Products and offerings
Manufacturing Facilities
Utilization
Expansion plans
Disclosure – Invested
Gulf Oil Lubricants Q2 PAT rises 15% YoY to Rs 84 crore (07-11-2024)
Gulf Oil Lubricants India’s net profit jumped 14.68% to Rs 84.44 crore on 5.86% rise in revenue from operations to Rs 849.33 crore in Q2 FY25 over Q2 FY24.
Swiggy IPO: Geojit assigns ‘subscribe’ rating; IPO gets lukewarm response (07-11-2024)
Geojit considers Swiggy’s strong brand recall, diversified offerings, integrated app, rapid scaling, consistent innovation, expansion of dark stores, and promising industry outlook.
Dollar index takes a breather at 4-month high; Fed decision on tap (07-11-2024)
The US dollar index is pausing its rally in early Asia on Thursday following a hastened pace of ascend in the previous session to its highest level in over 4 months after President Trump was declared the winner in the presidential election versus Vice President Kamala Harris. US benchmark treasury yields spiked over 13 bps to 4.42% whereas dollar index climbed nearly 2% above 105 mark following Republican Donald Trumps decisive victory in the US presidential election. The Fed’s monetary policy announcement is likely to be in the spotlight on Thursday, alongside reports on weekly jobless claims and third quarter labor productivity and costs. The dollar index that measures the greenback against a basket of currencies was quoting at 104.88, down 0.1% on the day and after having climbed briefly above 105 mark in the previous session. Among the basket currencies, EURUSD and GBPUSD were at $1.07 and $1.29 respectively.