Suzlon Energy shares climb 5% from day's low on fresh order win. Details here

Shares of Suzlon Energy Ltd turned positive after the renewable energy solutions provider secured an order to supply wind turbine generators (WTGs) for a 642 MW wind power project from an Evren company, ABC Cleantech Pvt Ltd. Evren is a joint venture in India between Brookfield and Axis Energy.

The stock rose 4.54 per cent to trade at Rs 44.70 from its day's low price of Rs 42.76. The multibagger counter has gained more than 390 per cent in a year. 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.

Suzlon said it will install 214 WTGs with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each in Andhra Pradesh. "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 undertake installation and commissioning for the project. Suzlon will also undertake comprehensive operations and maintenance services post‐commissioning," the company stated.

Girish Tanti, Vice-Chairman at Suzlon Group said, "It is a delight to start the year with a significant order announcement from Evren. Suzlon is committed to partnering with Evren to enhance their green energy portfolios while helping advance India's renewable energy goals."

On technical setup, the counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The scrip's 14-day relative strength index (RSI) came at 62.34. 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 385.64 against a price-to-book (P/B) value of 16.90.

One can look at Suzlon Energy shares around Rs 35 level, Vinit Bolinjkar, Head of Research at Ventura Securities, told Business Today TV last week.

As of December 2023, promoters held 13.29 per cent stake in the company.

 

(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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