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Stock Market Today: Following the Government of India’s (GoI) special focus on the green energy segment, stock market experts are very bullish on quality energy stocks. They believe that energy companies investing in the solar energy and other renewable energy segment are expected to provide huge benefits to their shareholders in the long term. They said that both Reliance Industries Ltd and Adani Enterprises Ltd are aggressively investing in alternative sources of energy as the Indian government appears determined to replace crude oil as a cascade energy source.
Triggers of alternative energy reserves
Taking a cue from Budget 2024, Sandeep Pandey, founder and director of Basav Capital, said: “The Finance Minister has reiterated the Government of India’s commitment to replace crude oil as the main source of energy. That is why he has commissioned most of its coal mines at Maximum Efficiency. Now, both Reliance Industries Ltd and Adani Enterprises Ltd are investing in alternative energy sources. In Budget 2024, FM has declared strengthening the electric vehicle ecosystem, which is also an good sign for automotive companies working on electric vehicles. topic.”
Stocks to buy after budget 2024
On energy stocks to buy after Budget 2024, Sandeep Pandey said, “As a long-term investor, there is a need to replicate the investment model of Mukesh Ambani and Gautam Adani. Both captains of the Indian economy are investing heavily in the power sector, especially in solar. and other renewable sources of energy. So I am bullish on Adani Power and Tata Power stocks. However, to take advantage of the electric vehicle theme, I would suggest investors to look at Tata Motors, since the automobile company is investing heavily in the issue of electric vehicles. “.
Also read: Budget may accelerate share of electric vehicles by 2024
Pandey went on to add that Coal India stock is also attractive as it has recently gone through a rerating and the stock looks very promising after the Government of India’s focus on alternative sources of energy.
As a suggestion to the marginal investors, Sumeet Bagadia, CEO, Choice Broking, said, “Going by the chart pattern, Coal India and Tata Power look very attractive. Tata Power stock is expected to rise up to $410 and $425 per share levels respectively in the short term. Therefore, Tata Power shareholders can hold the bonus by keeping the loss limit at $375. A new investor can maintain the buy-on-dips strategy for the target $410 and $425. However, new investors are advised to maintain a strict loss limit on $375 apex level.”
Bagadia said Coal India shares may rise to $430 per action level in the short term. Therefore, Coal India shareholders should maintain a trailing stop loss on $395 and wait $Target of 430 per share.
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Budget 2024 sign
At Bueget 2024, Minister Nirmala Sitharaman said: “Our government will expand and strengthen the electric vehicle ecosystem by supporting manufacturing and charging infrastructure. Greater adoption of electric buses for public transport networks will be encouraged through a mechanism of payment security”.
“To promote green growth, a new biomanufacturing and biofoundry plan will be launched. This will provide environment-friendly alternatives such as biodegradable polymers, bioplastics, biopharmaceuticals and agricultural bioinputs. This plan will also help transform the current manufacturing paradigm towards one based on regenerative principles,” Sitharaman added.
Disclaimer: The opinions and recommendations above are those of individual analysts, experts and brokerage firms, not those of Mint. We advise investors to consult certified experts before making any investment decisions.
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