Small Cap Stock Jumps 10% To All-Time High Over Stock Split Buzz

Shares of Waaree Renewable jumped up sharply on Friday morning to hit a new 52-week high of ₹2,703.95.

What Happened: The massive surge today comes as the company on Thursday evening announced that it would be considering the proposal for a stock split in its next board meeting scheduled for Jan. 20.

The announcement helped the stock continue making gains for the sixth straight session. The recent rally in the stock has been driven by the company partnering with Australia’s 5B Industries.

See Also: Small Cap Railway Stock Hits 52-Week High After ₹473 Cr Order

On December 28, the company announced the signing of a Long Form Heads of Agreement (LFHOA) with 5B Industries PTY LTD. 5B Industries PTY LTD is known for its innovative solar solutions. The collaboration between the two companies is geared towards expediting the implementation of utility-grade solar power projects, both in India and international markets, while ensuring a supply chain compliant with US regulations.

Since the announcement, the stock has surged up close to 50%. The stock has had a great year on the bourses as its shares have surged up over 400%.

Price Action: Waaree Renewable’s share price was up 7.19% to trade at ₹2,635 in early trade on Friday.

Read Next: Gautam Adani Dethrones Mukesh Ambani To Reclaim Richest Person In India Title

Posted In: EquitiesNewsStock SplitMarketsMoversTrading IdeasWaaree Renewables