Solar rooftops are solar panels installed on the roofs of commercial, institutional, or residential structures. They collect the light energy released by the sun and turn it into electricity. This design is sometimes referred to as a solar rooftop photovoltaic system.
On Tuesday, Prime Minister Narendra Modi, announced the investment of Rs 75,000 crore under PM Surya Ghar Muft Bijli Yojana. The scheme first announced on January 22 aims to light up 1 crore households by enabling them to free electricity of up to 300 units every month.
On February 1, 2024, The interim budget also proposed an outlay of Rs 10,000 crore under Pradhan Mantri Suryodaya Yojana in which 10 million households will be able to get up to 300 units of free electricity.
Moreover, The government intended to boost the subsidy for rooftop solar projects for homes to 60% of the capital cost from 40% now, with a focus on the poor and lower middle classes.
Furthermore, The government aims to attain 40 GW of rooftop solar capacity by 2025-26. According to a survey provided by the CEEW in November last year, India has around 11 GW of installed rooftop solar capacity, with just 2.7 GW in the residential sector.
Here are the stocks that can benefit from the Rs 75,000 crore Outlay in solar rooftops;
Borosil Renewables Ltd
Borosil Renewables manufactures ultra-transparent patterned glass and low iron solar glass for use in photovoltaic panels, flat plate collectors, and greenhouses.
With a market capitalization of Rs 7,427.60 crore, the shares were trading at Rs 569.00 per share, increasing around 5.68 percent as compared to the previous closing price.
The company has 500 MW of Rooftop Generation Capacity by 2022 and 20 GW of Land Capacity to be installed by 2030 for self-sustenance
The company’s revenue stood at Rs 330 crore in Q3FY24, during the same time frame, net loss stood at Rs 16 crore.
Waaree Renewables Technologies Ltd
Waaree Energy is a leading vertically integrated new energy company. It has India’s largest solar panel production capacity of 12GW, with operations in Chikhli, Surat, and Umbergaon, Gujarat.
With a market capitalization of Rs 12,154.74 crore, the shares were trading at Rs 5,835.25 per share, increasing around 5 percent as compared to the previous closing price.
The company has an unexecuted order book of 749 MW and is currently developing a 1 MW Green hydrogen Plant connected with the ecosystem on a BOB basis.
The company’s revenue stood at Rs 324 crore in Q3FY24, during the same time frame, net profit stood at Rs 64 crore.
Ahasolar Technologies Ltd
Ahasolar Technologies Limited offers a software-as-a-service (SaaS) offering that helps solar enterprises streamline operations, design photovoltaic (PV), manage projects, and monitor generation, as well as an integrated marketplace that connects demand and supply digitally.
With a market capitalization of Rs 178.71 crore, the shares were trading at Rs 579.80 per share, increasing around 5 percent as compared to the previous closing price.
The company’s revenue stood at Rs 12.89 crore in Q2FY24, during the same time frame, net loss stood at Rs 0.77 crore.
Written by:- Abhishek Singh
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