Renewable Energy Stocks Gain As FM Sitharaman Focuses On Energy Transition In Budget
Borosil Renewables was the top gainer and rose over 11% followed by Gensol Engineering, and Suzlon Energy, which hit its lifetime high today.
Shares of renewable energy stocks rose after Finance Minister Nirmala Sitharaman announced that the budget's sixth priority will be energy security and that it will put out a policy document for energy transition.
Sitharaman also said that the government will promote power storage for the integration of renewable energy and give funds for clean energy measures in 100 clusters. It also proposed not to extend custom duty on solar energy-related parts.
Commenting on this move, CRISIL said, "The plan to develop energy transition pathways and the setting of energy emission-based targets for hard-to-abate sectors will drive investments in sustainable technologies and lay the framework for the development of the carbon market. It added that this is a seminal step towards decarbonisation.Shares of renewable energy stocks rose after Finance Minister Nirmala Sitharaman announced that the budget's sixth priority will be energy security and that it will put out a policy document for energy transition.
Sitharaman also said that government will promote power storage for the integration of renewable energy and give funds for clean energy measures in 100 clusters. It also proposed to not extend custom duty on parts related to solar energy.
CRISIL further said, "The plan to develop energy transition pathways, and the setting of energy emission-based targets for hard-to-abate sectors will drive investments in sustainable technologies and lay the framework for the development of the carbon market. It added that this is a seminal step towards de-carbonisation.
Borosil Renewables was the top gainer and rose over 11% followed by Gensol Engineering, and Suzlon Energy, which hit its lifetime high today.
