ReNew Energy Global's stock surged 5.14% during intraday trading on Wednesday, reflecting investor optimism following the company's latest financial results.

The renewable energy company reported trailing twelve month earnings of ₹10.4 billion with net margins improving to 7.9% from 4.1% last year, representing a 162.3% year-over-year earnings jump. The strong quarterly performance, including a shift from loss to profit in recent quarters, has bolstered confidence in the company's earnings trajectory.

Analysts note that while interest coverage remains a concern, the current P/E ratio of 18.1x and consensus target price of US$7.74 suggest potential upside from current levels, supporting the bullish sentiment driving the stock's movement.