Suzlon Energy shares jump 4% today on fresh order win; details here
Suzlon Energy share price: The stock today jumped 3.91 per cent to hit a day high of Rs 38.50 over its previous close of Rs 37.05. The multibagger stock has rallied more than 250 per cent this year.
- Dec 28, 2023,
- Updated Dec 28, 2023 12:54 PM IST
Shares of Suzlon Energy rose sharply in Thursday's trade after the renewable energy solutions provider bagged a new order from Apraava Energy. The company, in a BSE filing, said it has secured an order for the development of a 300 MW wind power project for Apraava Energy Pvt Ltd. The stock today jumped 3.91 per cent to hit a day high of Rs 38.50 over its previous close of Rs 37.05. The multibagger stock has rallied more than 250 per cent this year.
"Suzlon will install 100 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each at the client's site in the state of Karnataka. This order is for the company's larger rated 3 MW, S144‐140m turbines from the 3 MW product series. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and supervise the project including commissioning. Suzlon will also undertake comprehensive operations and maintenance services post‐commissioning," it stated.
Girish Tanti, Vice-Chairman at Suzlon Group, said, "Apraava has been a long term, repeat customer for us and we are delighted to partner again with them. As India's renewable energy ambition sets benchmarks across the world, we are honoured to help reputed Renewable Energy companies fulfill their green energy portfolios. We are extremely encouraged by the conducive policy environment, strong government will and an enthusiastic industry response for renewables in the country. Suzlon's comprehensive and proven product portfolio, customised for the Indian wind regime will be instrumental in ramping up India's renewable energy capacities in line with our national targets."
Commenting on the development, Rajiv Ranjan Mishra, Managing Director at Apraava Energy, said, "Apraava is pleased to partner with Suzlon to build our newly secured wind project in Karnataka, in line with the highest operational standards. We look forward to a continued partnership with Suzlon, benefitting from their expertise, rich experience, and best‐in‐class indigenous solutions."
The counter was trading higher than the 5-day, 10-, 50-, 100-, 150- and 200-day simple moving averages (SMAs) but lower than 20-day and 30-day SMAs. The counter's 14-day relative strength index (RSI) came at 53.25. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a negative price-to-equity (P/E) ratio of 330.20 against a price-to-book (P/B) value of 14.47.
Bourses BSE and NSE have put the securities of Suzlon under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
As of September 2023, promoters held 13.29 per cent stake in the company. On BSE, around 83.39 lakh shares were seen changing hands today. The figure was way more than the two-week average volume of 50.44 lakh shares. Turnover on the counter came at Rs 31.63 crore, commanding a market capitalisation (m-cap) of Rs 51,985.16 crore.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
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Shares of Suzlon Energy rose sharply in Thursday's trade after the renewable energy solutions provider bagged a new order from Apraava Energy. The company, in a BSE filing, said it has secured an order for the development of a 300 MW wind power project for Apraava Energy Pvt Ltd. The stock today jumped 3.91 per cent to hit a day high of Rs 38.50 over its previous close of Rs 37.05. The multibagger stock has rallied more than 250 per cent this year.
"Suzlon will install 100 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each at the client's site in the state of Karnataka. This order is for the company's larger rated 3 MW, S144‐140m turbines from the 3 MW product series. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and supervise the project including commissioning. Suzlon will also undertake comprehensive operations and maintenance services post‐commissioning," it stated.
Girish Tanti, Vice-Chairman at Suzlon Group, said, "Apraava has been a long term, repeat customer for us and we are delighted to partner again with them. As India's renewable energy ambition sets benchmarks across the world, we are honoured to help reputed Renewable Energy companies fulfill their green energy portfolios. We are extremely encouraged by the conducive policy environment, strong government will and an enthusiastic industry response for renewables in the country. Suzlon's comprehensive and proven product portfolio, customised for the Indian wind regime will be instrumental in ramping up India's renewable energy capacities in line with our national targets."
Commenting on the development, Rajiv Ranjan Mishra, Managing Director at Apraava Energy, said, "Apraava is pleased to partner with Suzlon to build our newly secured wind project in Karnataka, in line with the highest operational standards. We look forward to a continued partnership with Suzlon, benefitting from their expertise, rich experience, and best‐in‐class indigenous solutions."
The counter was trading higher than the 5-day, 10-, 50-, 100-, 150- and 200-day simple moving averages (SMAs) but lower than 20-day and 30-day SMAs. The counter's 14-day relative strength index (RSI) came at 53.25. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a negative price-to-equity (P/E) ratio of 330.20 against a price-to-book (P/B) value of 14.47.
Bourses BSE and NSE have put the securities of Suzlon under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
As of September 2023, promoters held 13.29 per cent stake in the company. On BSE, around 83.39 lakh shares were seen changing hands today. The figure was way more than the two-week average volume of 50.44 lakh shares. Turnover on the counter came at Rs 31.63 crore, commanding a market capitalisation (m-cap) of Rs 51,985.16 crore.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
Also read | Jhunjhunwala stock portfolio value tops Rs 48,000 crore as Tata Motors, Titan shares shine
Also read | Are BHEL, NTPC shares overvalued? Disconnect between perception and reality, says Kotak