Shares of Suzlon Energy Ltd. rose after the company won a 204.75-MW wind energy order from Jindal Renewables.
The new order was bagged from Jindal Green Wind Pvt., a subsidiary of Jindal Renewables. Suzlon will supply 65 S144 wind turbine generators with Hybrid Lattice Towers, each rated at a 3.15 MW capacity, according to a release.
The order is set to be executed in Karur region of Tamil Nadu. This partnership is Suzlon's largest commercial and industrial order with a cumulative capacity of 907.20 MW.
The energy generated will be utilised for captive consumption in steel plants located in Chhattisgarh and Odisha, enhancing their operational sustainability and contributing to India's green energy transition.
Earlier, Suzlon secured two orders to power Jindal Steel's plants in Chhattisgarh and Odisha, adding 702.45 MW of wind energy. According to the company's management, the current issues will not halt the energy capacity in India, as they expect the wind sector to grow in the next couple of years, despite blips.
Execution capabilities have gone up, land acquisition issues are getting resolved better and the company is confident that India will add 8 GW of wind capacity per annum in the near term, it said.
Suzlon Energy Share Price
Suzlon Energy's shares rose as much as 3.44% during the day to Rs 51.49 apiece on NSE. It was trading 1.15% higher at Rs 50.35 apiece, compared to a 0.34% decline in the benchmark Nifty 50 as of 1:06 p.m.
The stock has risen 17.89% in the last 12 months. The relative strength index was at 34.09.
Seven of the eight analysts tracking the company have a 'buy' rating on the stock and one recommends a 'hold', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 70.83, implying an upside of 40.5%.
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