Suzlon Energy Shares Rise After Securing Wind Power Project
In addition to supplying, supervising and commissioning, the company will also undertake post-commissioning operation and maintenance services.
Shares of Suzlon Energy Ltd. rose on Thursday after it received a new wind power project order from the KP Group.
The renewable energy solutions provider will supply 92 units of their S120-2.1 MW wind turbine generators, with a 140m Hybrid Lattice Tubular tower at Vagra and Vilayat in Bharuch district of Gujarat. In addition to supplying, supervising and commissioning, the company will also undertake post-commissioning operation and maintenance services, an exchange filing said.
The order will be part of the wind-solar hybrid and state transmission utility tariff-based project, that will help increase the renewable energy contribution in Gujarat.
"With an extremely conducive policy environment offered by Gujarat, this order from the KP Group is a testament of India Inc's commitment to building a sustainable India. It is heartening to see the private sector step up to the task with such enthusiasm, especially through the C&I segment that will help MSME to become globally competitive by switching to green power," said Girish Tanti, vice chairman of Suzlon Group.
Shares of Suzlon Energy rose as much as 4.49%, before paring gains to trade 3.93% higher at 1:56 p.m., compared to a 0.25% advance in the NSE Nifty 50.
The stock has risen 248.58% year-to-date. Total traded volume so far in the day stood at 1.1 times its 30-day average. The relative strength index was at 47.
The two analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 262.7%.