Indian solar cos up as govt plans import tax to boost local manufacturing

Indosolar

10/03/2021 04:37

** Shares of solar panels and solar cells makers such as
Indosolar Ltd  INDL.NS  and Borosil Renewables Ltd  BORO.NS 
rise as much as 4.55% and 5.77%, respectively     
    ** To boost local manufacturing, India will levy a customs
duty of 40% on solar modules and 25% on solar cells from April
2022, Reuters reports, citing a govt document and two industry
sources  urn:newsml:reuters.com:*:nL1N2L71VA
    ** As part of commitment under the Paris climate accords,
India wants to ramp up its renewable capacity to 175 gigawatts
by 2022 and 450 GW by 2030, from about 93 GW 
    ** India also plans to ramp up its solar capacity to 280 GW
by 2030-31 from about 39 GW currently
    ** Solar power company Websol Energy System Ltd's  WESL.NS 
shares were up as much as 3.99% 

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))