Budget 2022: Solar-related stocks jump up to 5% as FM announces extra allocation of Rs 19,500 cr

The solar and renewable energy stocks jumped during Tuesday’s session as the finance minister Nirmala Sitharaman announced an additional allocation of Rs 19,500 crore for manufacturing of high efficiency solar modules while presenting the Union Budget 2022-23 in the Parliament. 

Stocks such as Tata Power, Adani Green Energy, Gita Renewable Energy, Websol Energy Systems, Sterling and Wilson Renewable Energy, Swelect Energy Systems, Surana Solar among others surged between 1-5 per cent intraday today immediate after FM Sitharaman’s announcement. 

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Of the above-mentioned scrips, Gita Renewable Energy, Websol Energy has each touched an upper circuit of 5 per cent on the BSE, while the solar majors such as Tata Power and Adani Green Energy is up around 2.5 and 3.5 per cent respectively on the BSE.  

In comparison, the BSE Sensex has surged to touch a day’s high level to 58,940-level, up over 926 points or 1.6 per cent at around 12:15 pm. 

The finance minister in her speech for solar segment also said, “Proposed several new actions to mitigate climate change and has also launched 4 pilot projects for coal gasification to be set up.”