Trump, in his victory speech, mentioned that he would stop renewable projects on “day one” of his office, which is assumed to have an impact on the Indian companies too, that are exporters to the US.
Waaree Energies and many other companies have a US export component in their revenues and it is believed that they may need to adjust their expansion plans if the US prioritizes domestic manufacturing.
It was also reported that the company plans to expand its footprint by establishing a 3 GW manufacturing facility in the United States to further diversify its operational capabilities. This may also be affected now.
The shares of Waaree Energies on Monday alone dipped by 6.66%.
Also read: Aarti Industries shares tumble 9% as Q2 PAT falls 43% YoY
Following the stock’s decline in the last 3 sessions, the company’s market capitalisation has also come down to Rs 84,606 crore on the BSE, which had touched the Rs 1 lakh crore mark last week.
The stock, which debuted on October 28 at Rs 2,550 on the BSE, a premium of 69.7% over the IPO issue price of Rs 1,503, had rallied about 49% amid sustained buying in the solar power play.
Waaree Energies is the largest manufacturer of solar PV modules in India with an aggregate installed capacity of 12 GW, as of June 2024. For Fiscal 2024, the company had the second best operating income among all the domestic solar PV module manufacturers in India.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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