Shares of solar power companies surged after reports stated that the government had proposed 70% safeguard duty on imported solar panels and cells.
As per media reports, the government had in December ordered a safeguard duty probe on surging solar cell imports to protect domestic manufacturers after the domestic industry approached the Directorate General of Safeguards.
A safeguard duty is a temporary measure brought in for a specified period to avert any damage to the domestic industry from cheap imports, reports said.
Websol Energy System Ltd is currently trading at Rs164.05, up by Rs13.55 or 9% from its previous closing of Rs150.5 on the BSE. The scrip opened at Rs153.95 and has touched a high and low of Rs167 and Rs148 respectively.
Ujaas Energy Ltd is currently trading at Rs27.8, up by Rs0.55 or 2.02% from its previous closing of Rs27.25 on the BSE. The scrip opened at Rs27.15 and has touched a high and low of Rs28.7 and Rs26.45 respectively.
Indosolar Ltd is currently trading at Rs13.87, up by Rs0.42 or 3.12% from its previous closing of Rs13.45 on the BSE. The scrip opened at Rs13.74 and has touched a high and low of Rs14.25 and Rs12.87 respectively.
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