Green Stocks Sep 16: Adani Green Shines Bright, Most Stocks Subdued

On a day that clearly belonged to Adani Green, India's largest green energy developer rose over 7% to levels the stock hasn't seen for a while. The trigger was the award of an LOI (along with group firm Adani Power, which also rose ) for supply of 6600 MW of power to Maharashtra, with a significant solar component, besides thermal through Adani Power.

Other than that, the week started off on a strong note for Waaree renewable Technologies, whose stock price, after giving up almost 50% of the gains from its all time high, had been struggling in a range. The stock hit the upper circuit of 5% right at market closing.

For most of the other stocks other than Wind Energy Player Inox Green which fell over 3% after a strong run in the previous two week, it was a day of small gains or losses. That sets the ground nicely for the rest of the week, as many of these stocks will seek to find renewed direction in anticipation of results in this quarter. The biggest trigger the broader market is waiting for, namely, the interest rate cuts in the US will probably benefit our green pack as well, as most of the firms have deleveraged over the past few quarters, and will welcome the chance to take on fresh debt when needed at lower rates possibly in India as well.