Stocks of solar solutions providers rally post Budget announcement

PTI, Feb 1, 2024, 6:14 PM IST

Representative image (source: Pexels)

New Delhi: Shares of solar solution providers — KPI Green Energy and Websol Energy — climbed on Thursday after Finance Minister Nirmala Sitharaman announced rooftop solarisation to ensure free electricity of up to 300 units per month for one crore households.

KPI Green Energy stock zoomed 9.48 per cent to settle at Rs 1,996.65 on the BSE. During the day, it rallied 9.99 per cent to reach its 52-week high of Rs 2,006.15.

Shares of Websol Energy System climbed 4.99 per cent to hit its one-year peak of Rs 388.15, and Sterling and Wilson Renewable Energy ended 1.07 per cent higher at Rs 572.45 after jumping 4.16 per cent to Rs 590 during the session.

In her interim Budget speech, she mentioned about rooftop solarisation to ensure free electricity of up to 300 units per month to one crore households, leading to household savings of Rs 15,000-18,000 annually.

”The Budget reinforces its commitment to green growth, introducing initiatives to enhance the environment for electric vehicles and biomanufacturing. Particularly noteworthy is the emphasis on rooftop solarisation,” said Harjeet Singh Arora, Managing Director, Mastertrust Ltd.