The new duties range up to a whopping 3,521%, aimed at products from Malaysia, Thailand, Cambodia, and Vietnam.
Shares of Indian solar companies, including Waaree Energies and Premier Energies, experienced significant gains following a U.S. decision to impose substantial tariffs on solar panel imports from Southeast Asia.
The new duties range up to a whopping 3,521% and are aimed at products from Southeast Asian nations such as Malaysia, Thailand, Cambodia, and Vietnam. They aim to counteract what the U.S. perceives as unfair trade practices by Chinese manufacturers operating in these regions.
These new duties are in addition to the tariffs levied by Trump earlier this month.
On Tuesday morning, Waaree and Premier shares rose more than 6% in Mumbai trading hours, reflecting investor optimism that Indian manufacturers will likely benefit from reduced competition in the U.S. market.
Data on Stocktwits shows retail sentiment is 'extremely bullish' on Waaree Energies. The Mumbai-based solar panel maker is set to report fourth-quarter earnings later on Tuesday.
SEBI-registered analyst Rohit Mehta highlighted a critical technical set-up for Waaree Energies on Stocktwits. He noted a strong support zone between ₹2,026.55 and ₹2,086.15, which has held during previous market corrections.
Mehta added that the stock faces immediate resistance at ₹2,902.95, with a potential breakout above this level likely to trigger a re-test of its all-time high.
Hyderabad-based Premier recently announced a launch of its subsidiary, Premier Energies GWC. This wholly-owned arm will specialise in manufacturing silicon ingots for solar cells.
These moves come as U.S. trade policies increasingly focus on reducing dependence on Chinese manufacturing.
This, in turn, triggers shifts in global supply chains, with companies seeking alternative manufacturing bases in countries like India.
For Indian solar firms, this geopolitical shift presents both challenges and opportunities.
Adding to the momentum, U.S. Vice President J.D. Vance is visiting India this week, underscoring the strengthening bilateral ties between the two nations.
His visit is expected to open new avenues for collaboration, including sectors like renewable energy.
Waaree Energies stock is down 8% year-to-date (YTD), while Premier Energies shares are down 21% YTD
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