India's Waaree Energies falls on likely hit to  US order book from budget bill

Waaree Energies

23/05/2025 05:45

** Shares of Waaree Energies WAAN.NS fall 9.5% to 2,711.70 rupees

** US House of Representatives passed a bill that accelerates the phasing out of investment and production tax credits for clean energy projects

** Jefferies sees risk to 57% of WAAN's order book that comes from the US due to the bill

** WAAN's manufacturing plant in US should be eligible for production tax credits till 2031 - Jefferies note

** Jefferies has "underperform" rating on WAAN with PT at 2,100 rupees, ~30% below the prev close

** WAAN down ~5% YTD

(Reporting by Vijay Malkar)

((VijayDattaram.Malkar@thomsonreuters.com;))