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  5. Renewable Energy stocks rise up to 15% this week: Here’s how NTPC Green, Waaree Energies and Adani Green performed

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Renewable Energy stocks rise up to 15% this week: Here’s how NTPC Green, Waaree Energies and Adani Green performed

Upstox
By Upstox News Desk

5 min read | Updated on December 07, 2024, 09:47 IST

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SUMMARY

Except for Adani Green Energy Ltd, which is embroiled in bribery indictment charges by a US court, sentiment around green energy stocks remained positive due to reports of new order inflows and capacity expansion.

Stock list

NTPCGREEN
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ADANIGREEN
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WAAREEENER
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PREMIERENE
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SUZLON
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TORNTPOWER
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KPIGREEN
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Waaree Energies shares gained more than 9% this week.

Waaree Energies shares gained more than 9% this week.

All major renewable energy stocks had a spectacular run this week between December 2 and December 6, with their share prices gaining 4%-15% during the period.

Except for Adani Green Energy Ltd, which is embroiled in bribery indictment charges by a US court, sentiment around green energy stocks remained positive amid reports of new order inflows and capacity expansion.

Here’s a look at how share prices of major renewable energy companies performed this week on the National Stock Exchange of India (NSE):

NTPC Green Energy share price up 15% this week

Shares of newly-listed NTPC Green Ltd surged almost 15% this week to trade at around ₹143 levels on Friday on NSE. The share price has gained in four of the five trading sessions from Monday to Friday. NTPC Green Energy, which listed last week on November 27, is now up around 33% from its IPO price of ₹108.

The stock settled at ₹143.6 apiece, up 1.77%, on the NSE on Friday.

After its listing, market experts have remained positive on the NTPC Green Energy stock due to its strong fundamentals and dominant position within the sector.

According to reports, the company is planning to build a ₹30,000 crore transmission network designed specifically to support its upcoming green hydrogen hub in Andhra Pradesh. This 20 GW capacity project will be the country's first transmission system built for a green hydrogen project.

Adani Green Energy share price down 8.5% this week

Adani Green Energy shares dropped almost 8.5% in the week ending December 6. The company was in the radar this week after some media reports said that power sector regulator, Central Electricity Regulatory Commission (CERC), had questioned the transfer of the 2,333 MW capacity of Azure Power to Adani Green in the 7,000 MW solar power project for Andhra Pradesh.

Shares of Adani Green Energy closed 1.63% lower at ₹1,209.5 apiece on the NSE on Friday.

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Waaree Energies share price rises over 9% this week

Waaree Energies Ltd shares gained more than 9% this week. The company was in the news after it announced that it targets to set up an 11.4 gigawatt (GW) integrated solar cell manufacturing facility by the financial year 2026-27. Of this, the company will commission 5.4 GW of solar cell manufacturing capacity with an estimated investment of ₹2,400-2,500 crore in the current financial year and the remaining 6 GW integrated manufacturing facility to produce ingots, wafers, and solar cells will be commissioned by 2026-27.

The largest solar PV model manufacturer in India also secured NABL accreditation for its advanced PV module testing lab at the manufacturing facility located in Chikhli, Gujarat.

Shares of Waaree Energies closed at ₹2,891 apiece, up 1.82%, on the NSE on Friday.

Premier Energies share price up 3.9% this week

Premier Energies Ltd shares gained 3.9% this week to trade at around ₹1,270 levels by Friday. Premier Energies is India's second largest fully integrated solar cell and solar module manufacturer.

Its share price rose after the company announced that its arms -- Premier Energies Global Environment Pvt. Ltd, Premier Energies International Pvtt. Ltd and Premier Energies Photovoltaic Pvt. Ltd -- have received and accepted multiple orders aggregating to ₹1,087 crore from 2 large independent power producers (IPP) and one other customer.

The stock closed at ₹1,267.9 apiece, down 0.43%, on the NSE.

Suzlon Energy share price up 7.2% this week

Suzlon Energy Ltd shares rose 7.2% this week to trade around ₹67.5 levels. The company announced this week that it has expanded its partnership with Jindal Renewables by securing an additional 302.4 MW wind power project in Karnataka, specifically in the Koppal region.

The partnership brings the total cumulative order from Jindal Renewables to 702.4 MW, marking Suzlon’s largest-ever commercial and industrial order from a single customer.

The renewable energy stock closed at ₹67.32 apiece, down 1.38%, on the NSE.

Torrent Power gains nearly 9% this week

Shares of Torrent Power Ltd jumped 8.8% in the week. The company announced the opening of its qualified institutional placement (QIP) this week. The floor price for the issue was set at ₹1,555.75 per share. Torrent Power is also expanding its renewable energy capacity by 3 GW, in addition to the 0.3 GW commissioned in the September quarter. This will raise the share of renewable energy in its total generation capacity from 32% to 59%.

Torrent Power shares closed at ₹1,648.05 apiece, down 0.97%, on the NSE.

KPI Green Energy share price up 4.2% this week

Shares of solar power generating company KPI Green Energy Ltd jumped 4.2% this week. The company recently received its largest-ever order worth ₹1,311 crore from state-run Coal India Ltd. It said that the project embodies its endeavour to achieve the ambitious group target of reaching 10 GW capacity by 2030.

KPI Green Energy shares settled at ₹819 apiece, down 0.14%, on the NSE on Friday.

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