Suzlon Shares Continue To Hit 52-Week Highs: What's Going On?

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Suzlon’s share price continued to make gains for the fifth straight session on Thursday morning going up over 3%.

What Happened: Wind energy major in the after-market hours on Wednesday announced that its S144 – 3 MW series of wind turbines has received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy (MNRE).

As per the press release, this listing is an “important milestone” in the successful commercialization of the product. Suzlon has already installed the first prototype of the S144 series at a hub height of 160m with a hybrid lattice tubular (HLT) tower at the Gondal site in Gujarat. “Currently, the product is in the process of
serial manufacturing and commercialization,” the statement added.

See Also: Is Suzlon A Good Buy?

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JP Chalasani, CEO of Suzlon Group, highlighted that the listing comes at the right time after the S144 product received a positive response from the market, evidenced by strong order inflow. The S144 – 3 MW series is designed to be customizable for site-specific requirements to achieve higher plant load factors.

The news comes on the heels of the wind energy giant’s inclusion in the MSCI Global Standard Index. The inclusion is expected to bring potential inflows worth around $241 million to $289 million (around 2,000 crore-₹2,400 crore) into the stock.

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Price Action: Suzlon’s share price was up 3.21% to trade at ₹41.80 as the markets opened on Friday.

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Posted In: EquitiesGovernmentMarketsMoversTrading IdeasSuzlon