India’s solar equipment sector is rapidly expanding, driven by government initiatives, technological advancements, and strong policy support. Valued at around USD 5.39 billion in 2023, the market is projected to grow at a CAGR of over 9 percent through 2029. Solar capacity additions are set to double to 30 GW in 2025, with significant contributions from utility-scale and rooftop installations, positioning solar as the leading renewable energy source in India.
The US imposed new duties as high as 3,521 percent on imports from Cambodia, Vietnam, Malaysia, and Thailand after a probe that began during former President Joe Biden’s tenure. US-based solar manufacturers sought the investigation.
In addition to the widespread tariffs imposed by President Trump disrupting global markets, the U.S. will impose antidumping and countervailing duties. These levies aim to counteract unfair pricing and subsidies, as determined by the Commerce Department, further impacting international trade and supply chains with increased costs and regulatory scrutiny.
The U.S. is imposing steep duties on solar panel imports from Southeast Asia, with unnamed companies in Vietnam and Thailand facing rates up to 395.9 percent and 375.2 percent, respectively. Jinko Solar and Trina Solar are notably impacted, with heavy levies from Vietnam, Malaysia, and Thailand.
These duties target about $12.9 billion worth of solar equipment imported last year from Vietnam, Thailand, Malaysia, and Cambodia, accounting for roughly 77 percent of all U.S. module imports. The move could significantly reshape supply chains and drive up costs in the U.S. solar market, affecting installation rates.
Also read: Wipro & 3 other Nifty 50 stocks in which FIIs increased their stake in Q4 FY25 to add to your watchlist
Here are the solar stocks jumped up to 8 % after US action on imports of solar equipment from Southeast Asian countries:
1. Waaree Energies Ltd
Waaree Energies product portfolio includes various types of PV modules, such as multicrystalline, monocrystalline, and TopCon modules, which include flexible, bifacial (Mono PERC), both framed and unframed, as well as building-integrated photovoltaic (BIPV) modules.
With a market capitalization of Rs 73,505.72 crore, the shares were trading at Rs 2,560.50 per share, increased around 6 percent as compared to the previous closing price.
2. Premier Energies Ltd
Premier Energies Ltd is a manufacturer of solar cells and modules, with its core operations centered around the production of solar photovoltaic (PV) cells, specifically bifacial monocrystalline PERC cells using the M10 wafer size in a 182mm x 182mm format which could be assembled into solar modules.
With a market capitalization of Rs 47,869.98 crore, the shares were trading at Rs 1,061.95 per share, increased around 8 percent as compared to the previous closing price.
Written by Abhishek Singh
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