Renewable Energy Stocks Skyrocket Following Announcement from Prime Minister
Shares in renewable energy companies soared remarkably on January 23, following the announcement of an ambitious solar panel initiative by Prime Minister Narendra Modi. This news comes directly from our source at Reader Wall.
Markets Respond to Suryodaya Yojana
Big players in India’s renewable energy sector such as Tata Power and the Indian Renewable Energy Development Agency (IREDA) emerged as top performers in the stock market on this day. Their shares boasted a rally of more than 5% as market operations came to a close.
Following PM Modi’s announcement of the Pradhanmantri Suryodaya Yojana, renewable energy shares saw an overall surge of over 18%. This initiative was announced in the wake of the Pran Prathishtha of the Ram Lalla idol at the Ayodhya Ram Mandir.
PM Modi’s Commitment to Renewable Energy
On the significant day of consecration in Ayodhya, the Prime Minister reinforced his commitment to sustainable development with a tweet. He outlined a desire for Indian homes to boast independent solar rooftop systems, and detailed the initiation of the Pradhanmantri Suryodaya Yojana, an initiative aimed at outfitting 1 crore homes with rooftop solar installations.
Top Performers in the Renewable Energy Space
Borosil Renewables emerged as the day’s big winner in this sector, with shares surging by an impressive 19% to reach a new 52-week high. Tata Power also performed particularly well, boasting a 6% increase in shares over the day.
Several other renewable energy companies followed suit, including IREDA, Sterling and Wilson Renewable Energy, Waree Renewable Technologies, Surana Solar, and Gensol Engineering. They all enjoyed a substantial 5% increase in shares, reaching their own respective 52-week highs.
A Bright Outlook on Renewable Energy
This significant rise in renewable energy shares resonates even more considering it occurred amidst a major market downturn. The successful performance of these stocks is largely attributed to advancements in India’s renewable energy sector and the boost in solar panel system demand following the announcement of the Pradhanmantri Suryodaya Yojana.
