IREDA, Borosil, Waaree hit all-time high as FM update on solar rooftop in Budget boosts sentiment

Shares of solar-related companies such as Borosil Renewables, Waaree Renewable Technologies and Indian Renewable Energy Development Agency (IREDA) hogged the limelight after finance minister Nirmala Sitharaman on February 1 said that the rooftop solar scheme launched on January 22 to boost annual income of households by Rs 15,000 to Rs 18,000 per annum, to be implemented across 1 crore households.

Following the announcement, shares of Borosil Renewables, IREDA and Waaree Renewable Technologies scaled their all-time high of Rs 667.40, Rs 190.95 and Rs 4031.55, respectively, in the morning trade. Meanwhile, Tata Power also scaled its life-time high of Rs 396.40 during the trade.

Manish Aggarwal, Head of Energy and Natural Resources, KPMG India in a tweet said, “The move is another major step to double the farmer income.”

Sitharaman further added that households to sell surplus solar power to distribution companies. Shares of other energy companies also traded higher in the morning trade.

Power Grid Corporation of India traded 2.58 per cent up at Rs 266.05 at around 11.58 am (IST). On the other hand, NTPC was up 0.82 per cent at Rs 320.10.

While presenting the Interim Budget 2024, Sitharaman also added to convert 40,000 rail bogies to Vande Bharat Standards.

Sanjay Moorjani, Research Analyst, SAMCO Securities said, “After the success of Vande Bharat trains, the FM announced around 40,000 more rail bogies will be converted to Vande Bharat coaches. Stocks such as Jupiter Wagons, Titagarh Rail Systems, Siemens, RVNL would benefit from the manufacturing of Vande Bharat trains. This will further create job opportunities while reducing travel time as well as increasing tourism across the country.”

Sharing his views on the Budget 2024, Jiger Saiya, Partner & Leader, Tax & Regulatory Services, MSKA & Associates-a member firm of BDO International said, ““The continued focus on capex outlay at around 3.4% of GDP will certainly help boost economic activity and serve the long-term vision of Viksit Bharat.”

 

 

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