Suzlon Energy secures 100.8 MW order; shares jump over 4%

Shares of Suzlon Energy, India's leading renewable energy company, rose over 4 per cent in Monday’s trade, touching the day’s high at Rs 18.45 apiece on BSE. The buying interest in the scrip came after the company received an order of 100.8 MW from Everrenew Energy Private Limited. The stock closed 2.99 per cent higher on BSE at Rs18.23 apiece.

"This is to inform you that Suzlon secured an order of 100.8 MW from Everrenew Energy Private Limited. The press release in this regard is attached herewith," the regulatory filing read.

As of around 11:50 AM, Suzlon Energy shares were up 3.33 per cent on the BSE at Rs 18.29 apiece, nearly 1 per cent lower than their 52-week high of Rs 18.54 apiece. The stock had made its previous 52-week high on July 12, 2023.

According to the regulatory filing, Suzlon is set to install 48 wind turbine generators (WTGs) of their S120-2.1 MW with a Hybrid Lattice Tubular tower at Velliyanani Phase II in Karur district and Vengaimandalam in Trichy in Tamil Nadu, and the project is expected to be commissioned in March 2024.

The company will supply the wind turbines (equipment supply) and supervise the execution and commissioning of the project.  

On Friday, July 14, Suzlon Group announced that its board has approved raising funds up to Rs 2,000 crore.

Suzlon Energy Q4 results 

Suzlon Energy reported a consolidated net profit of Rs 320 crore in the quarter ended March 31, 2023, according to its exchange filing against a loss of Rs 205.52 crore over the same period last year. Revenue from operations fell 31.53 per cent year-on-year (YoY) in the quarter to Rs 1,694.08 crore.

Suzlon Energy share price: Past performance 

So far in 2023, shares of Suzlon Energy have gained over 71 per cent a sharp rise against the Nifty’s rise of nearly 8 per cent.

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