Suzlon Shares Hit 52-Week High

12 Sep 2024 , 01:11 PM

Suzlon Energy shares rose 5% for the third consecutive session on Wednesday, reaching a new 52-week high of Rs 86 on the BSE. The increase was fuelled by bullish market sentiment following Morgan Stanley’s overweight rating of the renewable energy firm.

The stock experienced strong trading volume, with approximately 13.94 crore shares changing hands on the NSE. The entire transacted value was Rs 1,173.4 crore.

Suzlon recently received a substantial order for 1,166 MW from NTPC Green Energy, the renewables subsidiary of state-run NTPC. This major PSU order signals Suzlon’s return to large contracts following a period of ineligibility due to a negative net worth.

Suzlon will install 370 S144 wind turbines (WTGs) with a rated capacity of 3.15 MW as part of the contract, generating enough electricity to power 30 lakh homes. The project, India’s largest wind energy order, will be carried out across three sites in Gujarat.

According to the deal, Suzlon will supply the wind turbines, manage the project’s erection and commissioning, and offer operations and maintenance services after commissioning.

Suzlon’s shares were also in attention recently when the company agreed to sell and lease back its premier real estate, One Earth Property, in Pune for Rs 440 crore for the next five years.

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