Vinit Bolinjkar, Head of Research at Ventura Securities, on Wednesday selected Tata Power Company Ltd as his top pick from the renewable energy space following the announcement of Pradhanmantri Suryodaya Yojana. "Tata Power is a very good play on the solar roof-top story. It is purely a direct play in this sector," Bolinjkar told Business Today TV.
"Apart from Tata Power, we would be looking at Suzlon Energy Ltd if it were to correct around Rs 35 level. Inox Wind would also be watched if it falls 10-15 per cent from current levels," the market veteran mentioned.
Just after the consecration ceremony of Ram Temple in Ayodhya on January 22, Prime Minister Narendra Modi said that the Centre will launch "Pradhanmantri Suryodaya Yojana" with a target of installing roof-top solar on 1 crore houses.
"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," PM Modi stated.
When asked to suggest stocks from the automotive component segment, Bolinjkar said he liked Uno Minda, Minda Corporation and Motherson Sumi.
Meanwhile, Indian equity benchmarks rebounded in late morning deals today, led by gains in banks, financials, energy and metals stocks. Broader markets (mid- and small-cap shares) also turned positive.
14 out of the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Oil & Gas and Nifty Metal were outperforming the NSE platform by rising as much as 0.94 per cent, 1.06 per cent, 1.05 per cent and 1.83 per cent, respectively.
On the stock-specific front, Hindalco was the top gainer in the Nifty pack as the stock soared 4.05 per cent to trade at Rs 563.35. IndusInd Bank, Dr Reddy's, SBI and HUL rose up to 2.86 per cent.
In contrast, Axis Bank, Hero MotoCorp, Asian Paints, Eicher Motors and Maruti were among the top laggards.
The overall market breadth was strong as 2,338 shares were advancing while 1,150 were declining on BSE.
Foreign institutional investors (FIIs) offloaded Rs 3,115.39 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 214.40 crore worth of shares, exchange data showed.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)