Indian energy stocks like KPI Green Energy and Waaree Energies jumped up to 5% in Wednesday's trading session amid strong rally in the Indian stock market after Diwali.
Waaree Energies shares rallied 4.91% to hit an intraday high of ₹2,613.30 apiece on Wednesday. Meanwhile, KPI Green shares advanced nearly 2% to ₹347.75 per share during the trading session on November 11.
Meanwhile, Indian equity benchmarks surged more than 1% on Wednesday, climbing to an eight-month high as softer crude oil prices and growing concerns over AI investments triggered foreign investor inflows, following nearly two years of sustained outflows. At 10:07 am IST, the Nifty 50 advanced 1.25% to 25,358, while the Sensex jumped 1.47% to 82,301.1. Both indices touched their highest levels since February 27.
It is worth noting that the sharp rally in KPI Green Energy shares was not backed by any specific fundamental trigger. However, the stock witnessed a significant jump in trading activity, with around 72.25 lakh shares changing hands during the intraday session on November 11.
Waaree Energies is planning to invest approximately ₹15,000 crore in setting up a green ammonia manufacturing facility in Andhra Pradesh's Kakinada Special Economic Zone (SEZ). The proposed plant will have an annual production capacity of 1.2 million tonnes, according to a report by The Economic Times.