Why Suzlon Energy Shares Are Up By 5% On Wednesday

Suzlon Energy shares surged close to 5% on early Wednesday after its recent announcement about an order from 2018. Suzlon and Avikiran Solar India Pvt. Ltd. have jointly scaled down a project in Kutch, Gujarat from its original 285 MW to 168 MW.

What Happened? Back in May 2018, Suzlon secured several orders, one of which was a 285 MW wind power project in Kutch from Avikiran Solar. This order came under a Solar Energy Corporation of India (SECI 4) bid.

“This is to inform that due to the devastating impact of the COVID-19 global pandemic and the resultant disruption of the global supply chain, the parties have decided to downsize the project limiting to 168 MW,” Suzlon Energy said in a BSE filing on Wednesday.

See also: This Azim Premji-Backed Large Cap Stock Is Gaining On US FDA Drug Approval

Just last week, Suzlon bagged a significant 201.6 MW order from O2 Power Pvt. Ltd. for its 3 MW wind turbines. This order is a big win for Suzlon’s new 3 MW turbine series. According to the deal, Suzlon will deliver 64 of its largest wind turbines, each with a capacity of 3.15 MW, for this project.

At the bourses: Suzlon’s stock performance has been noteworthy. Its shares have surged, multiplying over four times from their 52-week low of ₹6.6. On Tuesday, the stock closed at ₹24.65, marking a 5% intraday increase.

In 2023 alone, the value of Suzlon’s shares has more than doubled, showing a 130% growth, and a whopping 227% rise over the past year. However, it’s worth noting that the stock remains 90% below its all-time high of over ₹300 from 2008.

Price Action: Suzlon Energy Ltd. shares were up 4.87% at ₹25.70, shortly after markets opened for trading on Wednesday.

Read next: Why Zomato Shares Are Surging Today

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
Posted In: EquitiesMarketsMoversTrading IdeasSuzlon