New Delhi: The solar power sector witnessed a major rally on Tuesday, after announcement of the Pradhan Mantri Suryodaya Yojana by Prime Minister Narendra Modi.
The surge in investor enthusiasm, has led to bullish activity in solar power stocks including Tata Power, Borosil Renewables, IREDA, Waaree Renewable Technologies; and Sterling and Wilson Renewable Energy. Shares of these companies witnessed substantial gains in Tuesday’s trading session with stocks zooming upto 19 percent.
Which Stocks Can Benefit From Pradhanmantri Suryodaya Yojana? Here’s Zee Business Editor Anil Singhvi’s Insight
As per Zee Business Editor Anil Singhvi, several companies associated with solar manufacturing are slated to benefit from PM Modi’s ‘Pradhanmantri Suryodaya Yojana’.
Singhvi said that companies making solar panel will get a good boost from the solar rooftop scheme announcement, though he said unfortunately no big listed company is associated with this.
He said that companies that are into making inverters and cables can also benefit from the Suryodaya Yojana. Since mostly big companies import from china, there can benefit on margins.
Singhvi said that there will be little benefit for structure manufacturing companies. However, those companies involved in smart metre installation can see a boom. As per Singhvi, stocks like Tata Power, Genus Power and HPL Electric & Power stand to benefit.
— CA Anil Singhvi Zee Business (@AnilSinghvi_) January 23, 2024
After his visit to Ayodhya on the occasion of consecration of Ram Mandir, Prime Minister Narendra Modi announced ‘Pradhan Mantri Suryodaya Yojana’ under which 1 crore households will get rooftop solar.
Pradhanmantri Suryodaya Yojana aims to provide electricity to low and middle-income individuals through solar rooftop installations, along with offering additional income for surplus electricity generation.
Prime Minister Modi said that the power of the sun can be harnessed by every household with a roof to reduce their electricity bills and to make them truly aatmanirbhar for their electricity needs.
He has also directed that a massive national campaign should be started to mobilize residential segment consumers to adopt rooftop solar in large numbers.