Stock Market Today: Suzlon Energy share price gained 5% in the morning trade on Friday following its entry into the futures and options (F&O) segment and an order book update.
Suzlon Energy Order Book Update
Suzlon Energy, on Friday, August 1, informed the exchanges about the order from Zelestra India for its FDRE (Firm and Dispatchable Renewable Energy) project.
FDRE projects refer to renewable energy projects, typically, that are integrated with energy storage systems (ESS) like batteries.
Suzlon will power Zelestra India's first FDRE project with a 381 MW order across three states, said the company in a press release issued earlier today.
The 381 MW project consists of 127 Suzlon S144 turbines spread over Maharashtra (180 MW), Madhya Pradesh (180 MW), and Tamil Nadu (21 MW). The project is part of SJVN's FDRE bid in Maharashtra and MP, with the Tamil Nadu portion serving commercial and industrial power consumers.
Girish Tanti, Vice Chairman, Suzlon Group, in a statement, said that “India’s energy transition landscape is at a pivotal juncture, where the pursuit of reliable, round-the-clock renewable power (FDRE) is taking center stage. This project marks that critical shift."
Suzlon Energy shares to trade in F&O market
Another key trigger for Suzlon Energy was that the multibagger renewable energy stock entered the F&O trading segment.
Suzlon Energy share price movement
On the back of these updates, Suzlon Energy share price opened at ₹62.01 on the BSE on Friday. At the time of opening, Suzlon Energy share price was slightly higher compared to the previous day's closing price of ₹61.59. The stock extended gains further to an intraday high of ₹65.50, which meant gains of more than 6% during the intraday trade.
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