Finance Minister Nirmala Sitharaman highlighted the recently introduced “Pradhan Mantri Suryoday Yojna,” a rooftop solar scheme for households, in her Interim Budget on February 1, 2024.
The scheme, announced by Prime Minister Narendra Modi, aims to install solar panels in one crore households, providing them with up to 300 units of free electricity each month. Sitharaman estimated that this initiative would result in annual savings of ₹15,000-18,000 for households.
The goal is to have 40 GW of rooftop solar installed in the residential sector by March 2026. The Ministry of New and Renewable Energy will select projects based on submissions from private contractors.
The scheme is consistent with the Prime Minister’s commitment, as expressed during the consecration of the Ram Mandir in Ayodhya.
Here are some stocks that can benefit from this news.
Borosil renewable
Borosil Renewables is engaged in manufacturing extra clear patterned glass and Low Iron Solar Glass for application in Photovoltaic panels, Flat plate collectors, and Greenhouses.
The company’s net revenue increased by 137% YoY from ₹169 crores in Q2FY23 to ₹402 crores in Q2FY24, while net profit increased by 25% from ₹24 crores in Q2FY23 to ₹30 crores in Q2FY24.
On Thursday, the company’s share price reached a 52-week high of ₹667.40 per share, up from its previous close of ₹630.60. It has a market capitalization of ₹8,320 crore.
According to the company’s website, the current manufacturing capacity for solar glass is 450 TPD. Recently, Borosil Renewables Ltd. acquired Interfloat Group, Europe’s largest solar manufacturer with a capacity of 300 TPD. The company is working on the next expansion in India, which will add another 550 TPD capacity by Q3 FY22-23.
Waaree Renewables Technologies Ltd
Waaree Renewable Technologies Limited is an engineering, procurement, and construction (EPC) company headquartered in India that specializes in renewable energy. The company specializes in solar EPC and power generation using renewable energy sources. It is also a solar developer, which finances, builds, owns, and manages solar projects.
On Thursday, the share price of the company hit 5% of its upper circuit and a 52-week high of ₹4031.55 per share from its previous close of ₹3839.60 with a market capitalization of ₹8,397 crores.
Looking at their December quarter, their net revenue has increased by 337% YoY from ₹74 crores in Q3FY23 to ₹324 in Q3FY24 crores and the net profit increased by 156% from ₹25 crores in Q3FY23 to ₹64 crores in Q3FY24.
In their most recent investor presentation, the company stated that they had received multiple orders for solar power and green hydrogen projects in Q3FY24, as well as executed orders totaling 473+ MWp and an unexecuted order book totaling 749+ MWp.
Sterling & Wilson Renewable Energy Ltd
Sterling and Wilson Solar Ltd. is a leading global provider of end-to-end solar engineering, procurement, and construction (EPC) solutions, as well as solar power project operation and maintenance.
In the December quarter, the company’s net revenue increased by 43% YoY from ₹407 crores in Q3FY23 to ₹583 crores in Q3FY24, while the net loss decreased by 37% from a net loss of ₹99 crores in Q3FY23 to a net loss of ₹62 crores.
The company’s share price reached an intraday high of ₹590 per share on Thursday, up 4% from its previous close of ₹566.40. It has a market capitalization of ₹13,400 crore.
Sterling & Wilson Renewable Energy Ltd received new orders totaling ₹4,515 cr in 9MFY24 from the domestic market and signed a 221 MW BOS order for EUR 112 mn, including O&M for 3 years. In addition, the company has signed a Memorandum of Understanding with the Nigerian government and Sun Africa to design and construct 961 MW.
Tata Power Company Ltd
Tata Power Company Ltd specializes in electricity generation, transmission, and distribution. It intends to generate all of its electricity through renewable sources. It intends to generate all of its electricity through renewable sources. It also manufactures solar roofs and plans to build one lakh electric vehicle charging stations by 2025.
According to the company’s financial statements, operating revenues rose 12.1 percent from Rs 14,030 crores in Q2FY23 to Rs 15,738 crores in Q2FY24. During the same period, net profit grew by 6.8 percent, from Rs 819 crores to Rs 875 crores.
On Thursday, the share price of the company rose 1.8% to its intraday high of ₹396.70 per share from its previous close of ₹389.65 with a market capitalization of ₹8,397 crores.
Tata Power Company Ltd is expanding its business portfolio to include renewables, transmission, and distribution, as well as customer-focused offerings like Solar Rooftops, Solar Pumps, Microgrids, EV charging, Energy Services (ESCO), Home Automation, and Floating. Solar accounts for 38% of the Clean & Green portfolio, with the company claiming a 14294 MW generation capacity on its website.
Surana Solar Ltd
Surana Solar Ltd, founded in 2006, manufactures solar photovoltaic modules, generates wind and solar energy, and trades other solar-related products.
In the December quarter, the company’s net revenue decreased by 68% YoY from ₹13.9 crores in Q3FY23 to ₹4.4 crores in Q3FY24, while the net profit decreased by 266% from ₹0.03 crores in Q3FY23 to ₹0.11 crores.
The share price of the company opened a 2% lower circuit on Thursday at ₹39.82 per share from its previous close of ₹40.63 with a market capitalization of ₹195 crores.
According to their websSurana Solar Ltd. delivers grid-connected and off-grid Photovoltaic Power plants with advanced mono and polycrystalline technologies, ensuring high efficiency and durability. Offering engineering, procurement, and construction services for 1 MW to 15 MW projects in India.
Written by Sriram KV
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