Shares of Suzlon Energy Ltd. gained over 2% in afternoon trade on Monday, Aug. 3, amid a positive momentum in the domestic stock market over strong global cues. Other stocks in the solar pack including Waaree Energies and Premier Energy also traded higher amid strong buying interest from investors. This comes after the renewable energy majors declared their April-June quarter results for fiscal 2026-27 (Q1FY27). The earnings were largely mixed for the three companies.
On Monday, shares of Suzlon Energy gained 2.5% to hit an intraday high of Rs 49.30, while Waaree Energies and Premier Energies also rose 1-2% during the session. Indian benchmark indices traded higher, led by gains in FMCG and IT stocks. The Sensex advanced 544.39 points, or 0.70%, to close at 78,639.03, while the Nifty 50 gained 390.70 points, or 1.6%, to settle at 24,774.30
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Despite a weak first quarter scorecard by Waaree Energies, the shares of the solar pack recovered over renewed investor interest in the specific counters. Renewable stocks have experienced market corrections and profit-booking rather than a universal upward surge. Recent trading sessions showed the stocks recovering slightly after dipping due to margin pressures and sector-wide reactions, though long-term optimism remains tied to strong power demand and domestic manufacturing mandates.
Shares dipped following recent quarterly results as investors reacted to operating margin pressures from rising raw material costs. Following initial selling pressure, some buying returned as a relief rally or technical rebound. The solar stocks are positioned for long-term growth over high summer power demand and government support for domestic solar cells and wind energy projects continue to attract investor attention despite short-term cost volatility, according to brokerages.
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