Five stocks engaged in solar power generation and manufacture of solar power equipment rose 1.97% to 5% at 15:16 IST on BSE after the government's boost to solar power generation.
Moser Baer (I) was locked at 5% upper circuit at Rs 11.36. Ujaas Energy was locked at 5% upper circuit at Rs 25.10. Websol Energy System (up 4.35% at Rs 34.75), Swelect Energy Systems (up 3.39% at Rs 390) and Indosolar (up 1.97% at Rs 10.89) edged higher.
Meanwhile, the S&P BSE Sensex was up 487.24 points or 2.03% at 24,449.45.
The Cabinet Committee on Economic Affairs in its meeting held on 20 January 2016, gave its approval for setting up of over 5,000 megawatts (MW) of Grid-Connected Solar PV power projects on build, own and operate basis. A capacity creation of 1,250 MW each is expected during four financial years from 2015-16 to 2018-19. The work will be implemented by Solar Power Developers (SPDs) with Viability Gap Funding (VGF) under the Jawaharlal Nehru National Solar Mission (JNNSM). The estimated requirement of funds to provide VGF for 5,000 MW capacity solar projects is pegged at Rs 5050 crore. The upper limit for VGF will be Rs 1 crore per MW.
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