Green Stocks July 3- Stocks Continue To Struggle

With the July 9 'deadline' for an Indo-US trade agreement coming closer all the time, markets were understandably nervous about the possible outcomes. An expiry day further kept prices subdued, leading to a few breakouts among green stocks as well. Waaree Energies and Waaree RTL, however, did make an earnest push to gain ground, on the back of order wins already announced for the former, and a new one for the latter. With a bulging order book of over 50K crores between the two, perhaps it was a reminder to investors about the fundamental strengths of these two firms.

The new entrant and solar pump firm, Oswal Pumps, also moved up, still finding its level after its recent listing. However, its fortunes have been in sharp contrast to Shakti Pumps, which suffered a slight loss after announcing a QIP of Rs 200 crores. Coming barely a year after its last QIP at a price of Rs 1272 odd, one has to wonder just how investors are being sold a fresh issue again. After a stellar run since 2023, the stock has seemingly run out of steam, struggling to break out of a 20% slump in the past 6 months.

Tata Power also suffered for extraneous reasons, as a major arbitration award went against the firm, weighing down the stock price as well. While the firm will probably appeal the award, the sheer scale of $490 million will worry many investors who will be eager to see some level of clarity. That it is a Russian firm at the other end probably opens up some possibilities of a settlement, perhaps, but the overhang will weigh on the firm despite expected strong Q1 earnings buoyed by renewable energy. TPREL, the group's renewable energy arm, also added a record 752 MW of new capacity in Q1.

The other two EPCs, KPI Green and Sterling and Wilson Renewable, suffered similar fates, failing to hold on to higher levels after making a short run towards them.

Acme Solar and Adani Green too mirrored market trends, despite positive recommendations for the former, and a key milestone of 15 GW operational portfolio for the latter, indicating a strong year ahead. The week is unlikely to end with any significant movement, with the risk of a further downside outweighing gains for now, till clarity emerges on the India-US trade deal.

List of Green Stocks