Nuvama Institutional Equities has identified Reliance Industries and Waaree Energies as potential frontrunners in the green energy sector following the awarding of Tranche-II of the National Green Hydrogen mission by the Solar Energy Commission of India. These companies have been endorsed with a Buy call from the brokerage house due to the higher incentives they received for green hydrogen (GH2) production, with Reliance Industries at Rs 25/kg and Waaree Energies at Rs 19/kg, surpassing the average incentive amount. The scheme under the SIGHT programme in Mode-1 of Tranche-II aims to accelerate green hydrogen production by providing incentives to companies like L&T, Green Infra, and AM Green, in addition to the major awardees. Reliance Industries, as one of the leading producers and consumers of grey hydrogen, stands to benefit significantly from transitioning to green hydrogen, thus improving its future margins. The Government of India's proactive approach to green energy is evident through the allocation of Rs 19,700 crore for the Hydrogen Mission 2030, which includes earmarking substantial funds for GH2 production and electrolyser manufacturing. This strategic investment plan is anticipated to catalyze a wave of investments worth Rs 8 lakh crore in the green energy sector, paving the way for sustainable growth and development.