Shares of Suzlon Energy gained nearly 6 per cent today after the renewable energy solutions provider said it won a new order to develop a 48.3 MW wind power project from Adani Green Energy. Suzlon will install 23 units of wind turbine generators. Share price of Suzlon Energy gained 5.89 per cent to Rs 7.90 against the previous close of Rs 7.46 on BSE. Suzlon shares trade higher than 5-day and 100-day moving averages but lower than 20-day, 50-day and 200-day moving averages.
The market capitalisation of Suzlon Energy rose to Rs 7,836 crore on BSE. A total of 309.17 lakh shares of the firm changed hands amounting to a turnover of Rs 7,836 crore.
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The Suzlon Energy stock has risen 14.3 per cent in a year but lost 18 per cent in 2022. In a week, the stock has gained 9.28 per cent. Total 309.17 lakh shares of the firm changed hands amounting to a turnover of Rs 24.52 crore on BSE.
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The project is located in Gujarat’s Mandvi and is likely to be commissioned in 2023. The company said the order is a repeat one from Adani Green Energy and is in addition to an already existing order of 226.8 MW that was announced on August 13.
Suzlon will execute the project by supplying, installing and commissioning. It will also offer post-commissioning operation and maintenance services.
Suzlon reported a multi-fold rise in its net profit to Rs 2,432.55 crore in the June quarter compared to the year-ago period, led by exceptional gains. The consolidated net profit of the company stood at Rs 3.64 crore in the quarter ended June 30, 2021. The total income of the renewable energy solutions provider climbed to Rs 1,383.47 crore in Q1 from Rs 1,148.61 crore a year ago
Suzlon Energy is a provider of renewable energy solutions. The company is a producer of wind turbines. It offers a range of solar energy solutions, such as solar irradiance assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commission and life cycle asset management.
