10 Best Indian Stocks for Next 10 Years

5) ReNew Energy Global Plc (NASDAQ:RNW)

Number of Hedge Fund Holders: 16

ReNew Energy Global Plc (NASDAQ:RNW) generates power with the help of non-conventional and renewable energy sources in India.

Top management highlighted ReNew Energy Global Plc (NASDAQ:RNW)’s auction wins of more than 8 gigawatts and the conversion of 2.2 gigawatts into Power Purchase Agreements (PPAs). The company is expecting more conversions soon. Its continued focus on disciplined bidding and in-house capabilities aided its competitive position in the Indian renewables market.  ReNew Energy Global Plc (NASDAQ:RNW) commissioned 500 megawatts of capacity this year and it continues to progress with other projects.

The company’s in-house EPC, O&M, and digital platforms offer a competitive edge and its module manufacturing capabilities ensure a secure source of modules. ReNew Energy Global Plc (NASDAQ:RNW) remains proactive when it comes to securing transmission connectivity for its capacity. The company is optimistic about its outlook, with disciplined and selective bidding for future growth.

ReNew Energy Global Plc (NASDAQ:RNW) secured transmission connectivity for its commissioned and planned capacity and has excess capacities beyond its current wins. This indicates potential for expansion. With a clear focus on strategic bidding, operational efficiency, and ESG initiatives, ReNew Energy Global Plc (NASDAQ:RNW) remains well-placed to capitalize on the elevated demand for renewable energy in India and beyond.

Wall Street analysts believe that the shares of ReNew Energy Global Plc (NASDAQ:RNW) have an average target price of $8.10. Notably, 16 hedge funds reported owning stakes in ReNew Energy Global Plc (NASDAQ:RNW), as per Insider Monkey’s Q2 2024 database of 912 hedge funds.