Suzlon Energy Shares Hit Nearly One-Week High On Order Win
The Pune-based energy equipment manufacturer will install 33 wind turbine generators and hybrid lattice tubular tower in Rajasthan.
Suzlon Energy Ltd.'s shares rose to nearly one-week high on Tuesday after the company secured 103.95-MW order from AMPIN Energy Transition Pvt.
The Pune-based energy equipment manufacturer will install 33 wind turbine generators and hybrid lattice tubular tower at Fatehgar district in Rajasthan. The wind turbines will have a rated capacity of 3.15 MW each, the company said in an exchange filing.
As a part of the order, Suzlon Energy will execute the project and take over operation and maintenance services post commissioning.
The project is estimated to provide electricity to 85,000 households and reduce CO2 emission by 3.38 lakh ton per year, Suzlon Energy said.
Shares of Suzlon Energy rose 3.99%, reaching the highest level since June 5, before paring gains to trade 2.24% higher at Rs 48.46 per share as of 10:56 a.m. This compares to a 0.29% advance in the NSE Nifty 50.
On Monday, the stock had fallen as much as 5% after an independent director's resignation raised concerns about corporate governance issues.
The stock has gained 216.99% in the past 12 months and 26.94% year-to-date. Total traded volume so far today stood at 0.53 times its 30-day average. The relative strength index was at 58.48.
Five analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average 12-month analysts' price target implies a potential upside of 18.3%.
