Why Suzlon's Shares Are Gaining Today After A Sluggish Start To The Week

Suzlon Energy, a key player in renewable energy solutions, saw its shares climb 4.5% to ₹44.70, rebounding from the day’s low of ₹42.76, after securing a significant order to supply wind turbine generators (WTGs) for a 642 MW wind power project.

What Happened? The project, awarded by ABC Cleantech Pvt Ltd, a joint venture between Brookfield and Axis Energy under the Evren brand, marks a substantial achievement for Suzlon. Over the past year, the company’s stock has soared by more than 390%.

Suzlon will install 214 WTGs, each with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW, in Andhra Pradesh. The company will not only supply and commission the wind turbines but also provide comprehensive operations and maintenance services post-commissioning.

See also: Why Bharti Airtel Shares Are Rising Today?

“This significant order… is a delight to start the year with,” said Girish Tanti, Vice-Chairman at Suzlon Group, emphasizing Suzlon’s commitment to advancing India’s renewable energy goals.

Technically, Suzlon’s stock is performing well, trading higher than various simple moving averages (SMAs) and with a 14-day relative strength index (RSI) of 62.34, indicating neither oversold nor overbought conditions. However, the company’s financials show a negative price-to-equity (P/E) ratio of 385.64 against a price-to-book (P/B) value of 16.90.

Share Price: Suzlon Energy Ltd. shares were up 2.4% higher at ₹44.30 close to the end of Tuesday.

Read next: Large Cap IT Stock Has Slumped 13% In 30 Days, But Analysts See 50% Upside Ahead

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