Stocks Struggle To Hold Gains

Green Stocks

It was deja vu time for green energy shareholders today, as most stocks struggled to hold on to the gains made yesterday. Shakti Pumps which had been pumped up a full 5% yesterday, and EPC player Waaree RTL were the exceptions, as they continued to build on yesterday’s gains. Others like Premier Energies continued to be weighed down by their rich valuations, which have made investors skittish about the slightest bit of news about the prospects for module and cell manufacturers. Borosil Renewables, after an impressive climb this week, finally relented and corrected as well. Though with a loss in the Q3 quarter, the firm continues to fly on hopes of a sterling performance in the near future rather than immediate prospects.

Acme Solar continued to remain a stock prone to wild swings, something that should worry the promoters. Today it fell over 2%. The correction in the markets today, particularly the small-cap and mid-cap status will worry many participants, who believe the market has a serious problem overcoming the 22800 level on the Nifty and reconciling to small-cap and mid-cap valuations. Green energy stocks, which have earned their higher-than-market PE ratios the hard way, will continue to feel the heat of any macroeconomic risk seen for now.

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