However, with new players emerging in the market, India is prepping to take the 'energy crisis' bull by its horn and is resorting to sustainable means for energy production that is clean, efficient, and cost-effective in the long run. Renewable energy production was 16.44% higher than that in the previous year.
Sharing views on the energy sector, in an interview with news channel, Anurag Mundra, Joint Managing Director and CFO of Ujaas Energy, said that this hike in renewable energy is due to two important orders, one is Appelate Tribunal (ApTel) and second is, lot of action from the Supreme court to boost the sector.
The company feels that the government's target of 100 gigawatts by 2020, which comprises 60 percent from solar parks and 40 percent from rooftops, is achievable by strengthening the distribution network through 200 million household.
The company believes that still there are challenges for rooftop energy due to substantial delay from the release of subsidy. To achieve the target, the government will be investing close to Rs. 6 lakh crore. Out of which the public sector banks have given Rs. 60,000 crore. Talking about how the financing will be done, Mundra said, " This Rs. 60,000 crore or the debt component of that project for next couple of years. When certain milestones can be achieved, the public sector banks will revise their targets and will increase furthermore. At the same time, many global financial institutions and funds are looking very aggressively towards India. I believe many foreign funds will come in India as soon as we show significant improvement in our renewable purchase obligations".
At 2:37 PM the stock of the company is trading at Rs. 17.70. The stock is trading up 1.4% from its previous close which was at Rs. 17.45. It hit a high at Rs. 18.45 and low at Rs. 17.60. The total traded quantity is 59,000 and two-week average quantity is 1.54 lakh.