Top Green Energy Stocks For Investment In India In 2024
Introduction
The demand for sustainable solutions for everything, including energy, has increased worldwide. Many businesses are taking the initiative to make the Earth a healthier place to live. The Indian government, too, has extended its support by allocating a larger budget for the renewable energy sector. More development and a higher investment budget suggest a rise in the prices of green energy stocks. As a result, investors eyeing a profit can invest in green energy stocks in India in 2024.
What do you mean by green energy stocks?
The stock of companies that produce renewable energy sources like solar energy, biofuel, biogas, and green energy are known as green energy stocks. While the terms renewable and green are used interchangeably, it is crucial to understand that they differ in one way. All green energy sources are renewable, but all renewable sources aren’t green.
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For instance, wind power is a green and renewable energy. However, burning wood is only renewable. The process results in pollution and thus cannot be considered green.
List of the best green energy stocks
1. Zodiac Energy Ltd.
Zodiac Energy was established on May 22, 1992, as Zodiac Genset Private Limited. It changed its name to Zodiac Energy Private Limited on April 30, 2007. The company is an energy solution provider with an experience of over three decades in the different verticals of the power generation spectrum. Its mission is to offer high-quality, cost-effective clean energy solutions by adopting innovative products and emerging technologies.
As of April 5, 2024, the company’s market capitalisation was Rs. 600 crore, and its share price closed at Rs. 410.60.
2. KP Energy Ltd.
KP Energy Ltd. is an Indian-based energy company. It engages in the development of wind power projects, wind farm development, and associated allied services, along with electricity generation through wind power generating assets. It was incorporated in 2010 and has headquarters in Surat, India. The company operates as a subsidiary of KP Group and drives sustainable solutions for a greener tomorrow.
KP Energy’s market capitalisation was worth Rs. 2,414 crore, and its closing share price was Rs. 362.05 on April 5, 2024.
3. Adani Green Energy Ltd.
Adani Green Energy Ltd. is a renewable energy company in India with headquarters in Ahmedabad. It is one of the world’s largest solar photovoltaic plants and is owned by Adani Group, an Indian conglomerate. The company was established on January 23, 2016. It was listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) in 2017.
As of April 5, 2024, Adani Green Energy Ltd.’s market capitalisation was Rs. 3,01,275 crore. Its closing stock price was Rs. 1,901.95.
4. JSW Energy Ltd.
JSW Energy Ltd. is a part of the JSW Group. It engages in power generation, transmission, mining, power trading, and equipment manufacturing segments. Its vision is to become India’s strongest full-service electricity company with the most efficient resource utilisation. It was founded in 1994, and its headquarters are in Mumbai.
JSW Energy Ltd.’s market capitalisation was worth Rs. 98,532 crore as of April 5, 2024. Its share price closed at Rs. 599.10.
5. NTPC Ltd.
NTPC Ltd., earlier known as National Thermal Power Corporation, is a Public Sector Undertaking (PSU). It is owned by the Ministry of Power and the Government of India. With its headquarters in New Delhi, it engages in the generation of electricity and other activities. It was established in 1975 by the Government of India, which holds 51.1% of equity shares.
As of April 5, 2024, NTPC Ltd. had a market capitalisation of Rs. 3,43,795 crore. Its share’s closing price was Rs. 354.55.
Conclusion
The Indian government has long-term plans for the green energy sector, such as fulfilling 50% of the energy requirements from renewable energy by 2030. Due to such support, green energy stocks have shown a strong performance, with many recording double-digit growth. You can add the above-mentioned green energy stocks to your portfolio to potentially capitalise on the growth of this sector. Make sure you spot competitive companies in the green energy sector and assess them before investing.
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