Recently, the ‘Ministry of New and Renewable Energy’ (MNRE) reintroduced the “reverse auction” method for auctioning wind power capacity to various energy companies. In a letter addressed, the ministry explained its decision citing reasons such as higher tariff discovery and undersubscription in recent wind bids.
Due to the abovementioned factors, green energy stocks witnessed a dip in their share price, and the dip extended for two trading sessions as well.
Listed below are three stocks associated with the ‘Green Energy’ sector that are currently trading at a discount of up to 20 percent from their respective 52-week high price level:
KPI Green Energy Limited
With a market capitalization of Rs 9,960.80 crores, the stocks of KPI Green Energy Limited closed at Rs 1,652.35 on Tuesday, slipping approximately 4.93 percent as compared to the previous closing levels of Rs 1,737.90 apiece.
The company’s stock touched its 52-week high price at Rs 1895.95 in February 2024 and compared to those levels, the current share price exhibits a discount of around 13 percent.
During the recent financial quarters, the company’s basic business indicators, including the operating revenues as well as after-tax profits, showed positive movements with the former increasing from Rs 215 crores during Q2FY24 to Rs 330 crores during Q3FY24 and the latter, keeping the timeframe the same, took a shift from Rs 35 crores to Rs 51 crores.
Inox Wind Limited
With a market capitalization of Rs 17,135.11 crores, the stocks of Inox Wind Limited closed at Rs 525.70 on Tuesday, hitting its 5 percent lower circuit as compared to the previous closing levels of Rs 553.35 apiece.
The company’s stock touched its 52-week high price at Rs 648 in February 2024 and compared to those levels, the current share price exhibits a discount of around 19 percent.
During the recent financial quarters, the company’s basic business indicators, including the operating revenues as well as after-tax profits, showed positive movements with the former increasing from Rs 370.64 crores during Q2FY24 to Rs 503.45 crores during Q3FY24 and the latter, keeping the timeframe the same, transitioned from losses of Rs 26.84 crores to profits of Rs 1.81 crores.
Suzlon Energy Limited
With a market capitalization of Rs 55,154.25 crores, the stocks of Suzlon Energy Limited closed at Rs 40.55 on Tuesday, hitting its 5 percent lower circuit as compared to the previous closing levels of Rs 42.66 apiece.
The company’s stock touched its 52-week high price at Rs 50.60 in February 2024 and compared to those levels, the current share price exhibits a discount of around 20 percent.
During the recent financial quarters, the company’s basic business indicators, including the operating revenues as well as after-tax profits, showed positive movements with the former increasing from Rs 1,421 crores during Q2FY24 to Rs 1,560 crores during Q3FY24 and the latter, keeping the timeframe the same, took a shift from Rs 102 crores to Rs 203 crores.
Written by Amit Madnani
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