Solar stocks rally as govt scales up budget for National Solar Mission

Four stocks engaged in solar power generation and manufacture of solar power equipment rose 1.81% to 10.33% at 14:40 IST on BSE after the CCEA approved scaling up of budget to Rs 5000 crore for implementation of grid connected rooftop systems.

Ujaas Energy (up 7.79% at Rs 21.45), Indosolar (up 10.33% at Rs 9.83), Websol Energy System (up 3.03% at Rs 39.05) and Swelect Energy Systems (up 1.81% at Rs 478.90) edged higher.

Meanwhile, the S&P BSE Sensex was down 61.99 points or 0.24% at 26,017.49.

The Cabinet Committee on Economic Affairs (CCEA) has approved the scaling up of budget from Rs 600 crore to Rs 5000 crore for implementation of grid connected rooftops systems over a period of five years upto 2019-20 under National Solar Mission (NSM). This will support installation of 4,200 megawatts (MW) solar rooftop systems in the country in next five years.

The capital subsidy of 30% will be provided for general category states/UTs and 70% for special category states i.e., North-Eastern states including Sikkim, Uttarakhand, Himachal Pradesh, Jammu & Kashmir and Lakshadweep, Andaman & Nicobar Islands. There will be no subsidy for commercial and industrial establishments in the private sector since they are eligible for other benefits such as accelerated depreciation, custom duty concessions, excise duty exemptions and tax holiday etc, a government statement released during market hours today, 30 December 2015 said.

Powered by Capital Market - Live News