Leaders at COP28
By S Jha
New Delhi, December 13: With curtains coming on the COP28 hosted by the United Arab Emirates in Dubai, the financing for the climate mitigation efforts gained priority. The European Union has already taken a lead in letting the easy money flow for the financing of the renewable energy. The bulls sniffed the changing fragrance on the street and went on a wild hunt for scrips that may gain from the urgency in the global focus for the climate change mitigation efforts.
First, the newelt-listed IREDA blasted off the roof, doubling in a span of four days. IREDA was prices Rs 32 for the IPO, and it hit the upper circuit of Rs 112 on Wednesday. A company engaged in the financing of renewable energy is now getting the PE valuation close to 40, which may have been unthinkable until the scrip forced the analysts to change their opinions.
With the bulls sensing the change in the fragrance on the street, they launched a massive slogging of Power Finance Corporation and Rural Electrification Corporation. Both the scrips have already been multibaggers. They rose by almost nine per cent each on Wednesday. They are still commanding single digit valuation.
With the bulls searching for themes, they also massed to lift Tourism Finance Corporation also, which zoomed by 50 per cent. This scrip wasn’t yet on the radar of the bulls so far and has gained modestly in the last one year. The bulls are clearly betting on India becoming a hot tourism destination as Cold War II sets in with the western world developing aversions to China.
The bulls are also sensing that power is a theme to play for a fast and furious game of equity investing. This brought the full force of the bulls to further push the likes of NTPC and Tata Power higher. Powergrid and PTC India also joined the bulls’ party on the street and made handsome gains. KPI Green Energy has already been trending for the last few weeks.
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