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On a day when global markets were roiled by multiple issues ranging from the escalation of Middle East hostilities to the US-Japan carry trade, India's markets too bent to the global winds. As the nifty dropped over 2.5%, green energy stocks, the market's favorites during the sharp rise seen this year, suffered, with developers, EPC's, and manufacturers all taking a hard knock. The exceptional performer was Shakti Pumps, which stood alone in the carnage with a sharp 4.5% jump. Backed on yet another major government order win under the PM KUSUM scheme, this time from UP.
For the rest, it was a day of either the 5% lower circuit (Waaree Renewable Technologies, Gensol, Suzlon, SWREL) or even worse, where the lower circuit went lower to 10%. The only saving grace was that the 10% level was not breached by any.
So what does the market crash portent for renewables? Well, for one, key global indicators like the price of solar cells remain further down, indicating enough advantages for solar developers to build on. Domestic manufacturing ramp-up also means India is better placed than ever to ride out short-term disruptions, although a sustained supply disruption over 2-3 months could cause serious damage. Let's hope it doesn't come to that.
Company name | Closing Price OnAugust 2 | Closing Price onAugust 5 | Change % |
Borosil Renewables Ltd | 551.40 | 508.70 | -7.74% |
Waaree Renewable Technologies Ltd | 1510.05 | 1434.55 | -5.00% |
Sterling and Wilson Renewable Energy Ltd | 658.80 | 625.90 | -4.99% |
KPI Green Energy Ltd | 1007.90 | 967.65 | -3.99% |
Shakti Pumps (INDIA) LTD | 4695.45 | 4870.15 | +3.72% |
TATA POWER CO. LTD. | 460.30 | 434.70 | -5.56% |
JSW Energy Ltd | 722.45 | 684.30 | -5.28% |
SUZLON ENERGY LTD | 71.44 | 67.91 | -4.94% |
Adani Green Ltd | 1880.45 | 1770.00 | -5.87% |
Inox Wind Energy | 8552.65 | 8001.00 | -6.45% |
SJVN Ltd | 143.90 | 139.30 | -3.20% |
Gensol Engineering Ltd | 1001.80 | 951.75 | -5.00% |