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Waaree Energies plans to use IPO funds to establish a 6 GW manufacturing facility in Odisha and support general corporate purposes. As India's largest solar PV module manufacturer with 12 GW capacity, the company reported a 69% revenue increase to Rs 11,398 crore in FY24. It is also expanding to a 3 GW facility in the U.S.
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In the near term, the markets may remain volatile amid geo-political conflict, upcoming US Presidential elections and Q2FY25 result season.
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Over the last three years, the drivers of domestic demand have been urban consumption and premiumisation. This is changing. From here on, domestic demand - will be driven by a recovery in rural demand and a pickup in mass consumption. A good monsoon and a bumper kharif harvest are expected to improve farm incomes. Furthermore, higher social spending by state governments is also helping the rural economy recover cyclically for the first time after COVID-19.
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