INDIA’S TOP GREEN HYDROGEN STOCKS IN 2023
Green hydrogen is hydrogen that is produced using renewable energy, primarily through the electrolysis process. They have low carbon emissions, no polluting emissions, and the most environmentally friendly hydrogen. They are used to power automobiles, airships, and spaceships, as well as to generate electricity.
A budget of Rs. 35,000 cr has been sanctioned in 2023 for capital investment in energy to achieve India’s goal of zero carbon emissions by 2070. This truly functions as a green signal to increase interest in green energy.
Reliance Industries Limited (RIL)
Reliance Industries has a strong interest in oil and gas manufacturing, and they are making significant investments in renewable energy. They have a market capitalization of $15,68,595.39 crore, a return on investment of 6.2%, and a fundamental score of 7.71. Mukesh Ambani, chairman of Reliance Industries, stated at the 2022 annual meeting that the company is planning a transition from grey hydrogen to green hydrogen by 2025. Reliance and Ashok Leyland, on the other hand, jointly unveiled India’s First Hydrogen Combustion Engine Technology Solution for Heavy-Duty Trucks, which emits zero emissions, reduces operating costs, and reduces pollution.
Oil & Natural Gas Corporation (ONGC)
ONGC is India’s largest crude oil and natural gas company. They have a market capitalization of $1,94,994.33 billion, a return on investment of 12.64%, and a fundamental score of around 10.00. ONGC will collaborate with Greenko, one of India’s largest renewable energy companies, in 2022. They have a 50:50 partnership for this project and have decided to invest $6.2 billion in a green energy project to produce carbon-free hydrogen and green ammonia.
Bharat Petroleum Corporation Limited (BPCL)
By 2040, BPCL plans to complete the largest green hydrogen plant in India, a 20-megawatt green hydrogen plant in Madhya Pradesh. They have a market capitalization of 68,667.51 crores, a return on investment of 12.27%, and a fundamental score of around 5.65. In 2021, BPCL will scale up the Alkaline Electrolyzer technology developed in collaboration with the Bhabha Atomic Research Centre for Green Hydrogen production. Furthermore, BPCL intends to increase its capacity by 1000MW by 2027 solely through the use of renewable and green energy.
Indian Oil Corporation Ltd
One of India’s leading oil companies. They have a market capitalization of $1,09,227.78 billion, a return on investment of 11.01%, and a fundamental score of around 5.57. IOC intends to install green hydrogen plants at all of their refineries by 2046 in order to achieve zero emissions. The total cost of use will be around Rs. 2 lakh crore. In addition, they plan to build a 7000-tonne-per-year green hydrogen production facility at the Panipat oil refinery by 2025 at a cost of Rs. 2,000 crore.
Jindal Stainless Ltd
Jindal Stainless Ltd is the largest stainless-steel manufacturer in India. They have a market capitalization of 13,988.69 crores, a return on investment of 26.28%, and a fundamental score of around 5.45. They cut their CO2 emissions by 1,800 metric tonnes. They also collaborated for a 20-year long-term hydrogen offtake with Hygenco (A Green Hydrogen Producing Company). The partnership’s goal is to build and operate a multi-megawatt green hydrogen facility worth around $300 million. They hope to be the first stainless-steel company to build a green hydrogen plant.
JSW Energy Limited
JSW intends to increase its emphasis on battery storage solutions. They have a market capitalization of 34,733.69 crores, a return on investment of 9.51%, and a fundamental score of around 5.44. They marked their entry into the battery storage solution in January 2023 with two leading projects from Solar Energy Corporation of India. Currently, the company is building 2.2 GW of greenfield renewable energy capacity in 2023, with plans to expand by 10 GW by 2025 and another 20 GW by 2030. In addition, the wind project is expected to be operational in 2024.
The NTPC LTD.
NTPC is a power generation company that is working on India’s first green hydrogen blending project with Gujarat Gas Limited (GGL). They have a market capitalization of $1,65,812.99 billion, a return on investment of 7.45%, and a fundamental score of around 5.11. They also have a hydrogen-based energy storage project in Delhi-NCR, an NTPC station in Andhra Pradesh, a hydrogen blending with a natural gas pilot project in western India, and a hydrogen mobility project in Leh Ladakh.
Adani Green Energy Ltd
Adani Green Energy Ltd is a company based in India. They have a market capitalization of 77,063.18cr, a return on investment of 5.60%, and a fundamental score of 4.83. Adani Green Energy and Total Energies of France have joined forces to create the world’s largest green hydrogen ecosystem. This combined platform will primarily focus on green hydrogen and is expected to be a significant contributor to green energy in India and around the world.
GAIL (India) Ltd is an Indian company.
They have been awarded one of India’s largest proton exchange membranes (PEM) electrolyzers. They have a market capitalization of 68,019.41 crores, a return on investment of 16.95%, and a fundamental score of around 4.25. The renewable energy project, with a daily capacity of 4.3 metric tonnes of hydrogen, is expected to be completed in November 2023.
Larsen and Toubro Limited (L&T)
They have a market capitalization of $2,99,927.17cr, an ROI of 8.11%, and a fundamental score of around 4.17. In 2021, the company will collaborate with renew power to enter the emerging hydrogen market in India. In addition, they are constructing an environmentally friendly hydrogen plant in Gujarat’s Hazira district. A total of 45 Kg of green hydrogen will be produced each day. They plan to achieve water and carbon neutrality by 2025 and 2030, respectively.
As India strives for energy independence. Green hydrogen stocks appear to be promising for a longer period of time, green hydrogen is receiving significant investment, but it is currently unprofitable because it must be created using other renewable energy sources. Because green hydrogen adoption is still in its early stages, the benefits of this technology will be visible only in the long run. Green hydrogen is regarded as a critical component of the revolution toward greater adoption of renewable energy sources over conventional ones. As a result, both the government and the private sector are promoting green hydrogen.
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