After hitting a lower-circuit in the previous day’s trade, shares of Suzlon Energy are back in action in Tuesday’s trade (June 11, 2024). At the last count, shares of the renewable energy equipment & services company traded higher by 2.32 per cent at Rs 48.45 apiece on the BSE, while at the day’s high and low touched levels of Rs 49.29 and Rs 47, respectively.

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Today’s spurt in the stock is triggered after the company bagged a 103.95 MW order from AMPIN Energy Transition. 

In a filing with the exchanges today, the company said that it has secured a new order for the development of a 103.95 MW wind power project for AMPIN Energy Transition. The company will install 33 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each at the client’s site in the Fatehgarh district in Rajasthan.

“This order is for the company's larger rated 3.15 MW, S144‐140m turbines from the 3 MW product series,” added the company’s filing.

As  part of  the agreement, Suzlon will supply the wind turbines  (equipment supply) and execute the project, including  erection and commissioning. Suzlon  will  also undertake comprehensive operations and  maintenance services post‐commissioning.  

Nuvama Institutional  Equities reiterated its ‘buy’ call on Suzlon Energy

In its report dated June 9, Nuvama has continued with its ‘buy’ rating on the counter even as Marc Desaedeleer, an Independent Director at Suzlon (SUEL), resigned w.e.f. 8 June citing “Corporate governance standards applied did not meet his expectations including situations where communications lacked his expectation of openness and transparency”. 

Nonetheless, the report further mentioned that the company’s CEO made the clarification stating that the issues raised were soft in nature and process-oriented, which would be implemented in due course. Management reiterated that all legal and financial disclosures have been fully complied with, as per regulations.

The brokerage said that given the company’s focus on turning around its financial position and the operational ramp-up expected in FY25, management is looking to address the needs of the business first. Therefore, driven  by the upturn in the wind sector and financial turnaround of the company, Nuvama has continued with its ‘buy’ rating on the stock with a 12-month price target of Rs 53.

Suzlon Energy’s share price performance 

Over the past year, the stock of Suzlon Energy has zoomed 245 per cent.