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The contract, awarded by a domestic entity, is scheduled for execution within the current financial year.
The company clarified that neither its promoters nor promoter group entities have any interest in the awarding entity, and the contract does not qualify as a related-party transaction.
Mumbai-based Waaree Energies is a renewable energy company. It offers innovative solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems.
Waaree Energies reported a 132.97% year-on-year (YoY) surge in consolidated net profit to Rs 842.55 crore in Q2 FY26, compared to Rs 361.65 crore recorded in the same quarter last year. Revenue from operations jumped 69.69% YoY to Rs 6,065.64 crore in the quarter ended 30 September 2025.
Shares of Waaree Energies fell 2.71% to Rs 2,541.50 on the BSE.
Barring IT, all sectoral indices on the NSE ended in the green, led by gains in oil & gas, consumer durables and metal stocks.
As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 545.52 points or 0.64% to 85,220.60. The Nifty 50 index gained 190.75 points or 0.74% to 26,129.60.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index climbed 1.01% and the S&P BSE Small-Cap index jumped 1.19%.
The market breadth was strong. On the BSE, 2,801 shares rose and 1,410 shares fell. A total of 170 shares were unchanged.
Buzzing Index:
The Nifty Oil & Gas index jumped 2.66% to 12,231.20. The index declined 1.13% in the past four trading sessions.
Hindustan Petroleum Corporation (up 6.55%), Gujarat Gas (up 5.19%), Bharat Petroleum Corporation (up 3.91%), Gujarat State Petronet (up 3.87%) and Oil India (up 3.21%), Indian Oil Corporation (up 3.05%), Oil & Natural Gas Corpn (up 2.5%), Mahanagar Gas (up 2.21%), Castrol India (up 1.98%) and Aegis Logistics (up 1.96%) surged.
Stocks in Spotlight:
Waaree Energies shed 0.52%. The company announced that it has secured an order to supply 1,500 MW of solar modules (1,000 MW DCR and 500 MW non-DCR) from a renowned power sector customer.
Shakti Pumps India rallied 3.45% after the company announced that it has secured a new work order worth Rs 170.25 crore from Madhya Pradesh Urja Vikas Nigam.
ZF Steering Gear India surged 8.62% after the company announced that its wholly owned subsidiary, Drivesys Systems, has secured a significant order worth Rs 151 crore for its renewable energy business.
Power Grid Corporation of India rose 1.63% after the company said that it has declared a successful bidder for the 2,000 MWh battery energy storage project.
Premier Energies declined 1.23%. The company has secured new orders worth Rs 2,307.30 crore during the third quarter of FY26, with execution scheduled across FY27 and FY28.
Ahasolar Technologies surged 7.71% after the company has received a contract from CIL Rajasthan Akshay Urja for providing owner’s engineering and project management consultancy (OEPMC) services for an 875 MW solar photovoltaic power project.
Apollo Micro Systems jumped 4.79% after the company’s step- down subsidiary IDL Explosives bagged supply contracts worth approximately Rs 421 crore.
RITES gained 2.13% after the company has received a Letter of Award for the supply of in-service Cape gauge diesel-electric locomotives from Berhard Development Corporation, Zimbabwe. The order is valued at $3.6 million.
Global Markets:
Most European shares advanced on Wednesday. Markets will operate for a half-day on Wednesday and will remain closed on Thursday for the New Year’s Day holiday, before reopening on Friday.
In Asia, markets ended mixed on the holiday-shortened final trading day of the year. Hong Kong and Australia will close early for the holidays, while Japan and South Korea remained closed for the day.
China’s economy ended the year on a slightly less gloomy note, as factory activity expanded in December for the first time since March, beating expectations, according to official data released Wednesday.
The official manufacturing purchasing managers index rose to 50.1 in December, higher than 49.2 reading that was recorded in November. A reading above 50 indicates expansion.
Overnight in the U.S., the S&P 500 fell modestly, notching a third consecutive losing session. The broad market index lost 0.14% and closed at 6,896.24, while the Nasdaq Composite slipped 0.24% and settled at 23,419.08. The Dow Jones Industrial Average shed 0.20% and ended at 48,367.06.
The three major averages have slumped to start the week, dragged down by losses in tech. Nvidia posted back-to-back losing sessions, as did another AI stock Palantir Technologies.
His resignation will be effective from 15 May 2026, or an earlier date as may be mutually agreed, the company said.
Following Paithankar’s resignation, the board has appointed Jignesh Rathod as chief executive officer-designate with effect from 29 December 2025. Rathod will hold the position until Paithankar’s date of relieving.
Rathod is a seasoned leader with over 18 years of experience and has been associated with Waaree Energies since 28 November 2007. He currently oversees end-to-end operations across the company’s manufacturing facilities and has played a key role in scaling production capacity, driving operational efficiencies, strengthening quality systems and supporting expansion and modernisation initiatives.
He holds a Bachelor’s degree in Engineering from Gujarat University, an MBA for Working Executives from NMIMS, Mumbai, and a Doctorate in Business Administration from XIBMS.
The company said Rathod’s leadership and deep institutional knowledge have been instrumental in building resilient operations aligned with Waaree Energies’ long-term strategic vision.
Auto shares jumped, snapping a three-session losing streak.
At 11:25 ST, the barometer index, the S&P BSE Sensex dropped 96.27 points or 0.11% to 84,599.27. The Nifty 50 index lost 26.30 points or 0.09% to 25,918.25.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.30%, while the S&P BSE Small-Cap index shed 0.51%.
The market breadth was negative. On the BSE, 1,697 shares rose and 2,084 shares fell. A total of 232 shares were unchanged.
The Nifty Auto index rose 0.74% to 27,795.45. The index dropped 1.07% in the three consecutive trading sessions.
Hero MotoCorp (up 1.66%), Bajaj Auto (up 1.31%), Ashok Leyland (up 1.28%), Mahindra & Mahindra (up 1.21%), Maruti Suzuki India (up 0.98%), Tata Motors Passenger Vehicles (up 0.85%), Bharat Forge (up 0.8%), TVS Motor Company (up 0.66%), Sona BLW Precision Forgings (up 0.54%) and Samvardhana Motherson International (up 0.22%) surged.
Waaree Energies fell 1.46% after its whole time director (WTD) & chief executive officer (CEO), Amit Paithankar, resigned to pursue opportunities outside the organisation.
Lemon Tree Hotels rose 0.87% after the company announced the execution of a Hotel Operation Agreement (HOA) for an upcoming property in Tirupati, Andhra Pradesh.
Asian market traded mixed on Tuesday, after the tech sell-down on Wall Street continued on AI bubble fears.
Investors will be focused on China’s military exercises around Taiwan, after the world’s second-largest economy announced new drills surrounding the island Monday.
Overnight in the U.S., stocks fell on Monday, spurred by losses in technology, after the S&P 500 scaled to record levels last week.
The S&P 500 dropped 0.35% and closed at 6,905.74, while the Nasdaq Composite shed 0.50% and settled at 23,474.35. The Dow Jones Industrial Average pulled back by 249.04 points, or 0.51%, and ended at 48,461.93.
Meanwhile, silver pulled back more than 6% after reaching $80 per ounce for the first time ever overnight. This comes as the precious metal has had a massive run-up in 2025, surging almost 150% to become one of the year’s hottest trades.
The new subsidiary is incorporated solely for the purpose of facilitating and holding specific power projects under the IPP framework.
Solaris Horizon Energy has been incorporated solely for the purpose of facilitating and holding specific power projects under the IPP framework.