To support the transition of energy from thermal to renewable sources, Finance Minister Nirmala Sitharaman has proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country.
In view of the sufficient domestic manufacturing capacities for solar glass, glass, and thinned copper interconnect, the finance minister has proposed not to extend the exemption of customs duties provided to them
The Union Budget 2024-25 has made an allocation of Rs. 10,000 Crores for solar power grid projects in support of India’s energy transition .
In addition PM Suryaghar Muft Bijli Yojana has been launched to install rooftop solar panels to enable 1 crore households to obtain free electricity upto 300 units each month.
Listed below are some of the stocks to benefit from the rooftop solar schemes and sufficient domestic manufacturing of solar cells, batteries and many more
Tata Power
Tata Power Limited is India’s largest vertically integrated power company, primarily involved in the business of generation, transmission, distribution of electricity, manufacturing solar roofs, developing EV charging stations, and many more.
It offers a comprehensive range of green energy solutions from Rooftop Solar, Home Automation, and Smart Metering to EV Charging, to promote the adoption of sustainable lifestyles.
With a market capitalization of Rs. 1,32,990 Crores, the shares of Tata Power Limited made a high of Rs. 429.55 in the day’s trade by gaining upto 1.5 percent from its previous day’s close price of Rs. 424.25.
Servotech Power Systems
Servotech Power Systems Limited is engaged in the business of providing end-to-end solutions for the manufacturing, procurement, and distribution of advanced EV Chargers, solar products, medical devices, energy-efficient lighting solutions, and many more.
It is involved in the development and manufacturing of solar energy solutions, including solar inverters, solar batteries, and solar lighting systems, self sufficiently, through collaborations and others.
With a market capitalization of Rs. 2,642 Crores, the shares of Servotech Power Systems Limited made a high of Rs. 121.90 in the day’s trade by gaining upto 4.4 percent from its previous day’s close price of Rs. 116.73.
Waaree Renewable Technologies
Waaree Renewable Technologies Limited is engaged in the business of generating power through renewable energy sources and providing consultancy services related to it.
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The solutions provided by the company include rooftop solar, floating solar, ground-mounted solar, off-grid Inverters, Energy Storage Solutions, Solar Products, Lithium-Ion Batteries, Water Pump & Streetlights, EPC Services, and many more.
With a market capitalization of Rs. 19,496 Crores, the shares of Waaree Renewable Technologies Limited made a high of Rs. 1,949.85 in the day’s trade by gaining upto 4 percent from its previous day’s close price of Rs. 1,875.90.
Borosil Renewables
Borosil Renewables Limited is engaged in manufacturing extra clear patterned glass and Low Iron Solar Glass for application in Photovoltaic panels, Flat plate collectors, and Greenhouses.
With a market capitalization of Rs. 6,774 Crores, the shares of Borosil Renewables Limited made a high of Rs. 534.30 in the day’s trade by gaining upto 12 percent from its previous day’s close price of Rs. 478.90.
Written by: Bharath K.S
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