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    Modi effect: IREDA, Tata Power & other renewable energy stocks jump up to 18%. Here's why

    Synopsis

    After the Ram temple ceremony in Ayodhya, Prime Minister Narendra Modi announced a scheme to install rooftop solar systems in 1 crore homes.

    Modi effect: IREDA, Tata Power & other renewable energy stocks jump up to 18%. Here's whyAgencies
    Shares of select renewable energy stocks jumped up to 19% on Tuesday after Prime Minister Narendra Modi launched the Pradhanmantri Suryodaya Yojana on Monday as India celebrated the consecration ceremony of Ayodhya Ram Mandir.

    The gains were led by Borosil Renewables which soared up to 19 and hit its 52-week high of Rs 602 on the NSE. Tata Power was another top gainer which surged nearly 6% to its 52-week high of Rs 365.75. Others, including Sterling and Wilson Renewable Energy, Waree Renewable Technologies, Surana Solar, Gensol Engineering and state-owned Indian Renewable Energy Development Agency (IREDA) rose up to 5%. All these stocks also hit their 52-week highs.

    After the Ram temple ceremony in Ayodhya, Prime Minister Narendra Modi announced a scheme to install rooftop solar systems in 1 crore homes.

    Read more: Cipla shares jump 7%, hit 52-week high on strong Q3 earnings

    "Today, on the auspicious occasion of consecration in Ayodhya, my resolution got further strengthened that the people of India should have their own solar rooftop system on the roof of their houses. The first decision I have taken after returning from Ayodhya is that our government will launch “Pradhanmantri Suryodaya Yojana” with the target of installing rooftop solar on 1 crore houses," Modi tweeted.

    "This will not only reduce the electricity bill of the poor and middle class but will also make India self-reliant in the energy sector," he further added.

    He posted pictures of him discussing the scheme with officials following his return from Ayodhya where he attended the consecration ceremony.

    Devotees across the world always draw energy from the light of "suryavanshi" Lord Ram, Modi said.

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    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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