ACME Solar shares jump five percent as HSBC hikes target price

Stock Market

ACME Solar shares went up sharply after global brokerage HSBC raised its target price by fifteen percent to four hundred fifty rupees. HSBC also kept its Buy rating on the stock.

Market Reasons

The brokerage expects the company to gain from a revival in renewable energy auctions. Other reasons for the positive view include stronger power purchase agreement conversions and more focus on battery-backed and firm, dispatchable renewable energy projects.

Demand Factors

This growth is supported by rising power demand across the country along with a growing shift towards battery storage solutions.