2024 Budget: Green Energy Stocks Soar with Rooftop Solar Scheme

Finance Minister Nirmala Sitharaman’s announcement of the “Pradhan Mantri Suryoday Yojna,” a rooftop solar scheme for households, in the 2024 interim budget has sparked interest in Green energy stocks. Here’s a look at some companies that might benefit from the scheme:

 

1. Surana Solar Ltd

 

Surana Solar, established in 2006, engages in manufacturing solar photovoltaic modules and generating wind and solar energy. In Q3FY24, the company’s net revenue decreased by 68% YoY to ₹4.4 crores, with a net profit of ₹0.11 crores. The share price opened at a 2% lower circuit at ₹39.82 per share.

These green energy stocks present varying financial performances, and investors are closely watching their potential amidst the government’s push for solar initiatives.

 

Market Cap ₹ 196 Cr.
Current Price ₹ 39.8
High / Low ₹ 44.0 / ₹ 14.7
Stock P/E Not Available
Book Value ₹ 11.4
Dividend Yield 0.00 %
ROCE -0.36 %
ROE -0.43 %
Face Value ₹ 5.00

 

2024 Budget: Green Energy Stocks Soar with Rooftop Solar Scheme
2024 Budget: Green Energy Stocks Soar with Rooftop Solar Scheme

2.Waaree Renewables Technologies Ltd

 

Waaree Renewable Technologies is an engineering, procurement, and construction (EPC) company specializing in renewable energy. In Q3FY24, the company’s net revenue increased by 337% YoY to ₹324 crores, with a net profit of ₹64 crores. The share price hit a 52-week high of ₹4031.55 per share.

 

Market Cap ₹ 8,398 Cr.
Current Price ₹ 4,032
High / Low ₹ 4,032 / ₹ 476
Stock P/E 79.1
Book Value ₹ 54.2
Dividend Yield 0.02 %
ROCE 83.8 %
ROE 95.8 %
Face Value ₹ 10.0

 

ALSO READ –Budget 2024: Stocks Active as FM Sitharaman Unveils 2 Crore New Homes Initiative

3.Tata Power Company Ltd

 

Tata Power focuses on electricity generation, transmission, and distribution, with a commitment to generating all electricity through renewable sources. In Q2FY24, operating revenues rose 12.1% to ₹15,738 crores, and net profit grew by 6.8% to ₹875 crores. The share price rose to ₹396.70 per share.

 

Metric Value
Market Cap ₹ 1,24,315 Cr.
Current Price ₹ 389
High / Low ₹ 397 / ₹ 182
Stock P/E 36.4
Book Value ₹ 94.3
Dividend Yield 0.51 %
ROCE 11.7 %
ROE 12.6 %
Face Value ₹ 1.00

 

4. Borosil Renewables

Borosil Renewables manufactures extra clear patterned glass and Low Iron Solar Glass for photovoltaic panels. In Q2FY24, the company reported a 137% YoY increase in net revenue to ₹402 crores and a 25% rise in net profit to ₹30 crores. The share price reached a 52-week high of ₹667.40 per share.

 

Market Cap ₹ 8,289 Cr.
Current Price ₹ 635
High / Low ₹ 663 / ₹ 380
Stock P/E 1,090
Book Value ₹ 71.6
Dividend Yield 0.00 %
ROCE Not Available
ROE Not Available
Face Value ₹ 1.00

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Disclaimer-The content presented here is intended solely for analytical and educational purposes. If you consider investing, it is strongly advised to conduct your own thorough research. We do not endorse or recommend any specific stocks or initial public offerings (IPOs).

 

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