Suzlon, Tata Power, IREDA: Government’s big move draws attention to these Stocks; check here

Renewable Energy Stocks: Focus on the renewable energy sector has been increasing recently, with the government taking several steps to support its growth. Listed companies in this sector have provided good multibagger returns, and the government’s new proposal to form a task force for achieving a 500 GW renewable energy capacity could lead to more action in this space.

What did the Renewable Energy Minister say?
Union Minister of Power and New and Renewable Energy, Pralhad Joshi, has proposed the formation of a task force in consultation with the Ministry of Power. The aim is to accelerate efforts to achieve the ambitious target of 500 GW of renewable energy capacity by 2030.

Joshi urged industries and relevant stakeholders to develop strategies that would help the country meet this target within the set timeframe.

At an event in Bhubaneswar, the minister proposed setting up a task force in consultation with the power ministry to synergise the efforts of all stakeholders towards achieving the 500 GW target, the Ministry of New and Renewable Energy (MNRE) said in a statement on Thursday.

He said the country has already achieved 212 GW of energy capacity from clean fuel sources and it is on track to exceed the 2030 target. The minister spoke of the importance of concerted, collaborative efforts among all stakeholders to overcome challenges and accelerate progress in the renewable energy sector.

Joshi assured that the government will continue to promote technological advancement and innovation in the clean energy sector.

Renewable Energy Stocks
Many big companies in the renewable energy sector are listed in the stock market, such as Suzlon, Tata Power, NHPC, IREDA, Inox Wind, JSW Energy, and Orient Green Power. Many of these are investors' favorites and have given multibagger returns. For example, Suzlon Share has given a return of 2,421 per cent.

However, the stock has fallen 34 per cent from its all-time high of Rs 80. IREDA, which was listed in December last year, has given a return of 202 per cent within 1 year. At the same time, NHPC has given a return of 235 per cent. Tata Power has given a return of 643 per cent.