Budget 2024: Solar stocks shine bright on FM Sitharaman’s rooftop solar scheme announcement – CNBCTV18

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Solar-related stocks, which have been rallying in the run up to the Budget 2024, were in demand in Thursday’s (February 1) trading session after Union Finance Minister Nirmala Sitharaman, announced in the Budget 2024 that the government will provide 300 units free power for homes with rooftop solar panels.

“About 1 crore households will be enabled to obtain up to 300 units of free electricity per month,” FM Sitharaman said during her interim budget speech.

Following the announcement, shares of solar and green energy related stocks jumped up to 7% with some even locked in upper circuit.

Websol Energy System, which is engaged in the manufacturing of solar cells and modules, hit upper circuit of 5% today. While IREDA was up 5%, Suzlon Energy and Sterling and Wilson rose 4% and 2%, respectively.

Waaree Renewable Technologies hit upper circuit of 5%. Borosil Renewables Borosil Renewables traded 2% higher. Borosil Renewables is engaged in the business of manufacturing of patterned glass and low iron solar glass for application in photovoltaic (PV) panels, flat plate collectors and greenhouses. On the other hand, Waaree Renewable is primarily in the business of renewable energy solutions, with a specific focus on solar power.

Meanwhile, shares of Tata Power, Adani Green and NHPC were also up 1% each. KPI Green Energy was also over 7% at 1,956.90. KPI Green Energy is primarily engaged in the development, construction, operations and maintenance of solar power projects.

Prime Minister Narendra Modi had on January 22 first announced the ‘Pradhan Mantri Suryodaya Yojana’, a government scheme under which one crore households will get rooftop solar power systems.

This isn’t the first scheme for promoting the installation of rooftop solar power systems, though. In 2014, the government launched the Rooftop Solar Programme that aimed to achieve a cumulative installed capacity of 40,000 megawatts (MW) or 40 gigawatts (GW) by 2022 — watt is a unit of power and is calculated as the amount of energy used over time, specifically one Joule per second.

However, this target couldn’t be achieved. As a result, the government extended the deadline from 2022 to 2026. The Pradhan Mantri Suryodaya Yojana seems to be a new attempt to help reach the target of 40 GW rooftop solar capacity.

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