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Business News/ Markets / Stock Markets/  Suzlon Energy shares surge 4% on Everrenew Energy contract, rise 130% in last six months
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Suzlon Energy shares surge 4% on Everrenew Energy contract, rise 130% in last six months

Over the past six months, the stock has witnessed a remarkable surge of 130 percent, while in the last year, it has soared by an impressive 298 percent, effectively tripling investors' returns in the past 12 months.

Suzlon Energy Ltd. Photographer: Santosh Verma/Bloomberg News.Premium
Suzlon Energy Ltd. Photographer: Santosh Verma/Bloomberg News.

Suzlon Energy witnessed a surge of over 4.4 percent on January 5 to 40.60 per share on NSE, propelled by the company securing a new contract for the development of a 225-MW wind power project from Everrenew Energy Private Ltd. 

The project entails the installation of 75 wind turbine generators (WTGs) featuring a Hybrid Lattice Tubular (HLT) tower, each boasting a rated capacity of 3 MW. Suzlon Energy specified in a filing that this order pertains to the larger-rated 3 MW S144-140m turbines from the 3–3.15 MW product series. 

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The WTGs and HLT tower are slated to be erected at various locations, including Vengaimandalam in the Trichy district and Ottapidaram in the Tuticorin district of Tamil Nadu.

Over the past six months, the stock has witnessed a remarkable surge of 130 percent, while in the last year, it has soared by an impressive 298 percent, effectively tripling investors' returns in the past 12 months.

"As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and supervise the project, including commissioning. Suzlon will also undertake comprehensive operations and maintenance services post-commissioning," the company said in a statement.

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India boasts a highly favorable policy environment and a flourishing ecosystem encompassing research and development, manufacturing, as well as operations and maintenance services, according to Girish Tanti, the Vice Chairman of Suzlon Group.

"Combined with one of the lowest costs of energy in the world, these factors make Indian renewables stand out in the global market," Tanti was quoted as saying.

Earlier, Suzlon CFO Himanshu Mody told the media that the group has been focusing on strengthening the balance sheet and was also successful in making it debt-free. He further said that the group anticipates favorable conditions in terms of order-book availability and the capacity to efficiently execute the orders in the foreseeable future.

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Published: 05 Jan 2024, 05:14 PM IST
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