Why Suzlon Shares Are Skyrocketing Today

Suzlon’s share price continued its bull run on Wednesday as the stock climbed up over 7% to hit an intraday high of ₹10.20. The stock has surged up over 20% this week.

What Happened: The surge today comes as the company announced bagging a major order of 300 mega-watt (MW) from Torrent Power Limited. In a press release, the company informed that it will install 100 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each. The project is located in Karnataka and is expected to be completed in 2025.

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The renewable energy company has been partnering with the Torrent Group for the past few years. This is the company’s fourth order from the group. The company added that this is the sixth and the largest order for the new Suzlon 3 MW series so far.

Just this week, the company announced winning its fifth contract for the 3 MW series. The company on Monday informed the exchanges that it had bagged a 204 MW project from Serentica Renewables. Suzlon will install 68 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each for Serentica's 204 MW wind power project coming up at Koppal in Karnataka. The
project is expected to be completed by 2024.

Price Action: Suzlon’s share price was up 6.35% to trade at ₹10.05 in the early hours of trading on Wednesday.

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