Waaree Energies, Premier Energies shares jump up to 8% after US slaps tariffs on solar equipment imports from Southeast Asia

Shares of Premier Energies and Waaree Energies surged up to 8% on Tuesday after the U.S. imposed steep anti-dumping duties on solar equipment imports from four Southeast Asian countries.

On Monday, the U.S. announced tariffs of up to 3,521% on imports from Cambodia, Vietnam, Malaysia, and Thailand, following an investigation launched under the Biden administration. The probe was initiated at the request of U.S.-based solar manufacturers, according to reports.

Cambodia faces a blanket duty of 3,521% after it withdrew from the investigation. Vietnamese companies may be subject to duties of up to 395.9%, Thailand 375.2%, and Malaysia 34.4%. Trina Solar will face a 375% duty on its exports from Thailand and over 200% on exports from Vietnam, while JA Solar modules shipped from Vietnam could attract duties of around 120%.

These four countries accounted for $12.9 billion worth of solar equipment exports to the U.S. last year, representing 77% of total module imports, according to BloombergNEF.

The implementation of these duties depends on a forthcoming decision by the U.S. International Trade Commission regarding whether the imports caused harm to domestic producers.

Following similar duties on Chinese imports about 12 years ago, many Chinese manufacturers had relocated operations to unaffected nations. This latest investigation was initiated after a petition filed in April by the American Alliance for Solar Manufacturing Trade Committee, which represents companies such as First Solar, Hanwha Q Cells, and Mission Solar Energy LLC.

Following the update, Premier Energies stock rose 8% to Rs 1,089.80 in intraday trade on the BSE, while Waaree Energies jumped 6.2% to Rs 2,592.90.

Premier Energies Share Price Target

Trendlyne data shows an average target price of Rs 925 for Premier Energies, implying a potential downside of 13% from current levels. The stock holds a ‘Hold’ rating from four analysts.

Waaree Energies Share Price Target

For Waaree Energies, the average target price is Rs 2,254, suggesting a 12% downside from current levels. It also carries a ‘Hold’ recommendation from four analysts.

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