Union Budget 2024: Suzlon Energy, Tata Power & Inox Wind shares in news today, here’s why

Shares of Suzlon Energy, Tata Power and Inox Wind are in focus ahead of FM Nirmala Sitharaman’s seventh Budget speech today. The renewable energy stocks are likely to move on July 23 as the FM is likely to announce extension of Inter-State Transmission System (ISTS) tax waivers, increased capex announcements, and new scheme announcements for the renewable energy sector.

The FM may also announce incentives for rooftop solar scheme in her Budget 2024 speech, according to reports in line with its goal to promote renewable energy.

Tata Power also announced its aggressive growth plans in rooftop solar, aiming for increased market share on the back of PM Surya Ghar Yojana. The company is targeting a 20% market share and currently has more than 2 GW of projects executed so far with an order book of over Rs 2,800 crore as announced in company’s recently held 105th AGM.

In the previous session, the Tata Power stock surged 2.44% to Rs 424.25 on BSE. Market cap of Tata Power climbed to Rs 1.35 lakh crore on BSE. A total of 5.43 lakh shares of the firm changed hands amounting to a turnover of Rs 22.77 crore.

On Monday, the Suzlon Energy stock surged 0.97% to Rs 55.07 on BSE. Market cap of Suzlon Energy climbed to Rs 75,032 crore on BSE. A total of 35.93 lakh shares of the firm changed hands amounting to a turnover of Rs 19.56 crore.

Similarly, shares of Inox Wind ended 2.31% lower at Rs 149.85 on BSE. Market cap of Inox Wind fell to Rs 19,537 crore on BSE. A total of 4.10 lakh shares of the firm changed hands amounting to a turnover of Rs 6.20 crore.