Pradhan Mantri Suryoday Yojana impact? Renewable energy stocks soar - Hindustan Times

PM Modi's Pradhan Mantri Suryoday Yojana impact? Renewable energy stocks soar

ByVaishnawi Sinha
Jan 23, 2024 03:53 PM IST

PM Modi announced the Pradhan Mantri Suryoday Yojana, under which rooftop solar panels will be installed at one crore households.

The shares of renewable energy companies showed immense growth on January 23, a day after Prime Minister Narendra Modi announced solar panels for 1 crore homes after the Ram Mandir inauguration ceremony on Monday.

Prime Minister Narendra Modi announced that the government will launch 'Pradhanmantri Suryoday Yojana' (ANI)(ANI)
Prime Minister Narendra Modi announced that the government will launch 'Pradhanmantri Suryoday Yojana' (ANI)(ANI)

Major renewable energy companies like Tata Power and Indian Renewable Energy Development Agency (IREDA) were some of the top gainers of the day on the stock market, with their shares rallying over 5 percent as the markets closed.

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Overall, renewable energy stocks saw a surge of over 18 percent today after PM Modi announced the Pradhanmantri Suryodaya Yojana on Monday, after the nation celebrated the Pran Prathishtha of Ram Lalla idol in the Ayodhya Ram Mandir.

The prime minister tweeted on Monday, “Today, on the auspicious occasion of consecration in Ayodhya, my resolution got further strengthened that the people of India should have their own solar rooftop system on the roof of their houses. The first decision I have taken after returning from Ayodhya is that our government will launch “Pradhanmantri Suryodaya Yojana” with the target of installing rooftop solar on 1 crore houses.”

Renewable energy companies see major spike

The top stock market gainer for the day in the renewable energy space remained Borosil Renewables, which soared 19 percent today, touching its 52-week high. The second gainer was Tata Power, its share prices up 6 percent on Tuesday.

Other renewable energy companies in India such as state-run IREDA, Sterling and Wilson Renewable Energy, Waree Renewable Technologies, Surana Solar, and Gensol Engineering were all up 5 percent today, touching their 52-week high.

The significant rise in shares on Tuesday, despite the major market crash, is all thanks to the growing advancements in India's renewable energy sector and the announcement of the Pradhanmantri Suryodaya Yojana, boosting the demand of solar panel systems.

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