Why Suzlon Share Price Surged Up 8% From Day's Low

Shares of Suzlon Energy that were trailing in the red on Thursday received a massive boost after the company announced bagging a new order.

What Happened: The order is from Juniper Green Energy Private Limited for a 72.45 MW wind power project. This project, set to be located in the Dwarka district of Gujarat, involves the supply and installation of 23 wind turbines, each boasting a capacity of 3.15 MW.

The turbines, part of Suzlon’s 3 MW product series, incorporate the advanced Hybrid Lattice Tubular (HLT) tower technology. Suzlon’s responsibilities extend beyond supplying the turbines; the company will oversee the project’s erection, and commissioning, and provide comprehensive operations and maintenance services thereafter.

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JP Chalasani, CEO of Suzlon Group, expressed enthusiasm about this being their third order from Juniper Green Energy in recent months. He lauded Juniper Green Energy’s dedication to augmenting renewable energy installations in India.

The order comes as the Suzlon share price has been under pressure for the past few days. Shares of Suzlon Energy, along with Inox Wind have been hitting lower circuits for three consecutive days. This downturn was attributed to concerns over the Ministry of New and Renewable Energy’s (MNRE) consideration to reintroduce “reverse auctions” for wind power capacity, which could potentially impact the profitability and competitiveness of renewable energy companies.

Price Action: Suzlon’s share price was up 4.13% to trade at ₹40.30 in early trade on Thursday.

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