Solar manufacturers including Waaree Energies, Premier Energies, Vikram Solar, Emmvee and Adani Solar are set to be in focus after the World Trade Organization (WTO) agreed to set up a dispute panel to examine China's complaint against India over solar equipment and certain information technology products. The panel was constituted after consultations between India and China failed to resolve the dispute. According to reports, China has alleged that India's tariffs, local-content requirements and incentive schemes for solar manufacturing discriminate against Chinese products and violate WTO rules. The complaint covers measures that have become central to India's effort to build a domestic solar manufacturing ecosystem and reduce dependence on imports.
Multiple brokerages have issued fresh views on key stocks heading into today's trade, with MS initiating Overweight on Adani Enterprises with a target price of ₹3,638, anchored to 'The New India' theme. According to reports from NDTV Profit, Citi maintains Buy ratings on BEL with ₹515 target and NTPC as top pick supported by relatively undemanding valuations. The recommendations span across sectors including power, banks, and metals, with CLSA highlighting a midcap breakout building with Nifty Midcap 100 pressing against a cup-and-handle breakout targeting 77,687–78,000 levels. As per The Economic Times, brokerages are also bullish on select retail, defence, and auto stocks, with Morgan Stanley backing Trent's aggressive expansion and Citi favoring Bharat Electronics for its defence prowess.
As reported by MS, Adani Enterprises is positioned as India's premier incubator with exposure to multi-decade themes, forecasting EBITDA to scale up 3x by FY30. The company is expected to handle 145 million passengers across its airports and maintain a 2GW DC portfolio by FY30. Key FY27 drivers include NMIA, Ganga Expressway, copper plant, and new energy capacity expansion. The brokerage notes that FY27 marks an earnings inflection for the company.
According to Citi analysis, power demand metrics have recovered robustly in Q1 with recent peak demand trends highlighting renewed demand-supply mismatch during non-solar hours. As reported by NDTV Profit, the capex upcycle is already ongoing with likelihood of policy measures in H2. The brokerage remains constructive on electric utility stocks, with NTPC as top pick supported by broadest pipeline across key generation capacity addition areas.
The WTO dispute raises significant concerns for India's solar manufacturing sector, as India has pushed back against the allegations, arguing that its policies are fully consistent with WTO obligations. However, New Delhi has also maintained that the dispute does not represent a serious trade concern and that WTO dispute-settlement resources should be reserved for genuine violations. At the heart of the case are several policy measures introduced by India in recent years, including customs duties on imported solar cells and modules, the Approved List of Models and Manufacturers (ALMM), and production-linked incentive (PLI) schemes aimed at boosting local manufacturing capacity. These initiatives have helped domestic solar manufacturers expand rapidly as India seeks to build a self-reliant clean-energy supply chain. The key concern now is whether an adverse WTO ruling could eventually force India to dilute some of these protections, potentially affecting margins and market share for local players.
