Suzlon Energy Ltd. shares rose over 6% during early trade on Friday after it announced a new order of 381 MW from Zelestra India and its affiliates.
"The 381 MW project, involving 127 of Suzlon's S144 turbines, will be spread across Maharashtra (180 MW), Madhya Pradesh (180 MW), and Tamil Nadu (21 MW)," the company said in a press release.
The project is a part of government-owned SJVN Ltd.'s FDRE (Firm and Dispatchable Renewable Energy) bid in Maharashtra and MP, while the Tamil Nadu portion will serve Commercial & Industrial (C&I) power consumers.
The S144 wind turbine generators have a rated capacity of 3 MW and the orderbook now stands at 91%, the company said.
Pune-based Suzlon Group has approximately 21.1 GW of wind energy capacity installed across 17 countries. Suzlon has in-house R&D centres in Germany, the Netherlands, Denmark, and India, and world-class manufacturing facilities across India.
Suzlon Energy share price advanced 6.3% to Rs 65.5 apiece.
Suzlon Energy share price advanced 6.3% to Rs 65.5 apiece soon after the market opened. The benchmark NSE Nifty 50 was down 0.4%. The total traded volume so far in the day stood at 3.2 times its 30-day average. The relative strength index was at 51.
The stock has fallen 7% in the last 12 months and risen 4% on a year-to-date basis.
All but one of the seven analysts tracking Suzlon have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price target of Rs 77 implies a potential upside of 20%.
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