Suzlon Energy Shares Extend Gains For Second Day To Hit Five-Month High

Shares of Suzlon Energy Ltd. rose over 6% on Monday extending its gains for the second straight session. The shares of the company on Monday hit a five-month high.

On Friday the stock closed 1.97% higher after it rose 3.10% to Rs 62.9 per share.

This comes ahead of the renewable energy solutions provider announcing its fourth quarter results on Thursday.

Suzlon in April said it has secured a 378 MW wind energy project from NTPC Green Energy, taking its total awarded capacity from the latter to 1,544 MW. This order strengthens Suzlon's market leadership and its commitment to sustainable, large scale growth, a company said in its statement.

As part of this contract, Suzlon will supply 120 S144 Wind Turbine Generators with Hybrid Lattice Towers, each with a rated capacity of 3.15 MW, and also undertake foundation, erection, and commissioning for the project and will provide maintenance and services.

Suzlon has just consolidated its largest partnership with NTPC Green Energy Ltd. to 1,544 MW, with a recent award of a 378 MW wind energy project, it stated.

Shares of Suzlon Energy rose as much as 6.01% to Rs 65.95 apiece, the highest level since Dec. 20, 2024. It pared gains to trade 2.78% higher at Rs 63.94 apiece, as of 10:29 a.m. This compares to a 0.85% advance in the NSE Nifty 50.

The stock has risen 39.06% in the last 12 months and 2.68% year-to-date. Total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 57.15.

Out of eight analysts tracking the company, six maintain a 'buy' rating and two recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 9.7%.