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Solar power stocks see multi-fold jump on hopes from Narendra Modi govt

According to reports, companies with exposure to the solar power segment have seen a bull-run since the beginning of this year, with stock prices jumping three-and-half times. They have gained on expectation that the Modi government would implement the successful Gujarat solar-power model elsewhere, too.

India had total installed solar-power capacity of 2208MW as of January, and 40% of this was in Gujarat and 28% in Rajasthan. Importantly, 860MW of the installed capacity in Gujarat is part of the state scheme, under which the developer has to sign a power-purchase agreement with the state electricity board.

Companies such as Indosolar, Websol, Moser Baer India, and Vikram Solar had been facing a tough time after prices of solar parts such as solar cell and module dropped in international market due to overcapacity by Chinese players. To support companies like them, the government has made it compulsory for solar projects to source at least half their equipment from local manufactures.

It would help the local industry only if banks become ready to support these companies, said Raveesh Budania of Headway Solar, a consultant on solar power. The following companies stand to benefit in case the government expands the solar power production programme.


The Chennai-based company has the capacity to produce both crystalline and thin-fi lm silicon photovoltaic modules (PVs). Its Bangalore plant can produce 40 MW of solar PV modules. Its stock appreciated 132% since the start of this year, though its sales had seen a decline of 18.86% in the past three years.


Company offers complete turnkey solutions. After handing over plants to developers, it provides maintenance services for 20 years. Ujaas manages maintenance of 105 MW solar plants belonging to other developers & 14 MW of its own.


The company manufactures photovoltaic solar cell and modules in India and has a production facility at Falta, West Bengal. It has an installed capacity to produce 100 MW of solar modules. It recently set up a 50 MW plant in Rajasthan for IL&FS and Solar Direct France.


Indosolar has one of largest PV cell facilities in India. It already has a production capacity for 200 MW and another 250 MW is under construction. It recently bagged 60 MW of order.


It is engaged in low-iron solar glass production for application in solar power sector.

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