New Delhi, March 21 -- Domestic brokerage Nuvama Institutional Equities has initiated coverage on recently-listed Waaree Energies with a 'buy' recommendation as it sees a strong runway for the company, led by its long-term strategy of becoming a new energy player, increasing capacity and strategic integration.

The brokerage has a target price of Rs.2,805 apiece on the stock, signalling a 25% upside from the last closing price of Rs.2250.55.

Waaree is prudently executing a long-term strategy of not just focusing on solar energy but on becoming a horizontally and vertically integrated New Energy play. The company has forayed into the production of green hydrogen, electrolysers, advanced li-ion cells, inverters, and BESS. With this, it is ...