Suzlon‘s share price soared up over 5% on Wednesday to hit an intraday high of ₹15- close to its 52-week high of ₹15.75.
What Happened: Shares of Suzlon Energy continued its three-day gaining streak on Wednesday. While it is not immediately clear what’s driving the surge, the deepening troubles at one of its international competitors can be the reason.
The German energy giant on Thursday stated that a comprehensive assessment of its subsidiary Siemens Gamesa revealed a notable surge in the failure rates of wind turbine components.
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In response, the board of Siemens Gamesa has launched an extensive technical review with the goal of enhancing product quality. However, the parent company acknowledges that this endeavour will entail considerably greater expenses than initially anticipated, now projected to exceed $1.09 billion (₹8,300 crore).
The company has been on a tremendous run at the bourses backed by several orders and an impressive performance in the March quarter.
Price Action: Suzlon’s share price was up 4.61% to trade at ₹14.75 in early trade on Wednesday.
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