Waaree Energies, NTPC Green, Premier Energies, Adani Green: Renewable energy stocks rise after India-US trade deal

Renewable energy stocks: Shares of renewable energy players like Waaree Energies, Adani Green Energy, NTPC Green Energy and Premier Energies rose on Tuesday, February 3, after India and the United States agreed to a trade deal.

Under the deal, the tariff on Indian goods will go down to 18% from 25%, US President Donald Trump said on Monday, February 2, after a telephonic conversation with Prime Minister Narendra Modi.

India-US trade deal: Here's how renewable energy stocks reacted

Shares of Waaree Energies climbed as much as 11.78% to ₹3,124.6 per unit on the National Stock Exchange. At 10:05 am, it was trading 11.25% higher at ₹3,109.50 apiece.

Adani Green Energy shares advanced 10.43% to ₹932 apiece on the NSE. Its market capitalisation stood at ₹1,53,393.28 crore.

Shares of NTPC Green and Premier Energies were also up 1.39% and 8.89%, respectively.

Taking to X, PM Modi said he was delighted that Made in India products will now attract a reduced tariff of 18%. "Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement. When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation," he said.

The Prime Minister said that he is looking forward to working closely with Trump to take New Delhi-Washington partnership to unprecedented heights.

Trump, on the Truth Social platform, said India will move forward to reduce "tariffs and non-tariff barriers" against the USA to zero. He also added that New Delhi would purchase American goods, including energy, worth over USD 500 billion.

"Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a trade deal between the United States and India, whereby the United States will charge a reduced reciprocal tariff, lowering it from 25 per cent to 18 per cent," the POTUS said.

India will "likewise move forward to reduce their tariffs and non-tariff barriers against the United States to zero", the US President added.

"Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that get things done something that cannot be said for most," he said.