New Delhi, Feb 1 (IANS): Shares of companies in the renewable space have performed substantially well on Budget Day on Tuesday, as the Centre reiterated its ambition to shift towards green energy.

The Centre intends to achieve transition from fossil-fuel based economy to green energy source to fight climate change during the 'Amrit Kaal' -- when India reaches its 100th year of Independence.

An additional allocation of Rs 19,500 crore for production linked incentive (PLI) schemes for manufacturing of high efficiency modules, with priority to fully integrated manufacturing units from polysilicon to solar PV modules, was announced in the Budget in order to facilitate domestic manufacturing of 280 Giga Watt of installed solar capacity by 2030.

Shares of Adani Green Energy, Tata Power, Suzlon Energy, Websol Energy Systems, and Borosil Renewables witnessed sizable gains on Budget Day.

Besides, companies such as Surana Solar and Gita Renewable Energy hit the 5 per cent upper circuit. Synergy Green Industries also rose nearly 4 per cent.

The renewable sector opens up huge employment opportunities and will take the country on a sustainable development path, Finance Minister Nirmala Sitharaman said in her Budget speech.

"This Budget proposes several near-term and long-term actions," she added.

The sector would rely on private investment with public capital investment helping to crowd-in private investment.