Suzlon Energy Bags 103.95 MW Order, Shares Jumps 4%

Suzlon‘s share price surged up sharply on Tuesday morning going up close to 4% to hit a new intraday high of ₹49.29.

What Happened: Suzlon Energy Limited announced a 103.95-megawatt wind power order from AMPIN Energy Transition Private Limited on Tuesday. As per an exchange filing by Suzlon Energy, the company is set to supply 33 wind turbines, each with a rated capacity of 3.15 megawatts, for a project in Fatehgarh district, Rajasthan.

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Upon completion, a project this size could power approximately 85,000 households and reduce around 3.38 lakh tonnes of CO2 emissions annually. Suzlon will also provide comprehensive operations and maintenance services post-commissioning.

This announcement comes a day after Suzlon’s share price plunged over 5% following the resignation of Marc Desaedeleer, an Independent Director, from the company’s board. Desaedeleer cited concerns regarding compliance and transparency as his reasons for stepping down.

However, brokerages remain bullish on the stock. ICICI Securities maintained its “buy” rating on the stock and raised its price target to ₹60 after the resignation. Nuvama also maintained its positive view.

Price Action: Suzlon’s share price was up 2.49% to trade at ₹48.58 in early trade on Tuesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.