Shares of Suzlon Energy rose nearly 4 per cent in early trade today despite a weak sentiment in the broader market. The renewable energy solutions provider said it has won an order to set up 180.6 MW wind energy project from Sembcorp's arm Green Infra Wind Energy. Share price of Suzlon Energy gained 3.73 per cent to Rs 11.11 against the previous close of Rs 10.71 on BSE.
The market capitalisation of Suzlon Energy rose to Rs 10,532 crore on BSE. A total of 68.69 lakh shares of the firm changed hands amounting to a turnover of Rs 7.44 crore. The Suzlon Energy stock has risen 26.10 per cent since September 2. The stock closed at Rs 8.81 in that session and hit a high of Rs 11.11 in today's session.
Suzlon said it would install 86 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located in Kanakagiribad, Bagalkot, Karnataka, and is likely to be commissioned in 2024. Suzlon will supply the wind turbines (equipment supply) and execute the project including, erection and commissioning. It will also provide comprehensive operation, and maintenance services.
Speaking on the order win, Ashwani Kumar, CEO, Suzlon Group, said, "This is a third repeat order from Sembcorp. We are delighted to partner with them again and appreciate the confidence that the customer has demonstrated in our products and service offerings."
Suzlon reported a multi-fold rise in its net profit to Rs 2,432.55 crore in the June quarter compared to the year-ago period, led by exceptional gains. The consolidated net profit of the company stood at Rs 3.64 crore in the quarter ended June 30, 2021. The total income of the renewable energy solutions provider climbed to Rs 1,383.47 crore in Q1 from Rs 1,148.61 crore a year ago.
Suzlon Energy is a provider of renewable energy solutions. The company is a producer of wind turbines. It offers a range of solar energy solutions, such as solar irradiance assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commission and life cycle asset management.
Meanwhile, the benchmark BSE Sensex slipped 227 points or 0.38 per cent to trade at 58,970 in early deals, while the broader NSE Nifty fell 67 points or 0.38 per cent to trade at 17,588.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today