Shares of Waaree Renewable Technologies Limited hit a 5% upper circuit on 5 February after the company received a work order worth Rs 547.5 crore.

In its regulatory filing, the company said that they had received a letter of award worth Rs 547.5 crore for execution of engineering, procurement, and construction (EPC) from one of the leading utility companies in the world in renewable energy for a solar power plant of 412-megawatt peak that has to be completed by 31 December 2024 on a turnkey basis.

The work order also entails operation and maintenance for two years from the date of execution for an order value of Rs 6.798 crore.

The company has an order book of more than 749 megawatts with a strong customer base, including BPCL, Reliance Industries, Aditya Birla, Larsen and Toubro, Adani, NTPC, and many more.

The company is engaged in the business of generating power through renewable energy sources and also provides consultancy services related to it.

At 3:30 pm, the shares of Waaree Renewable shares closed 5% higher at Rs 4,444.75 on NSE.