Suzlon Energy’s stock surged over 2% on September 9 after securing India’s largest wind energy order, worth 1,166 MW, from NTPC Green Energy Limited, the renewable arm of NTPC. Suzlon will install 370 wind turbine generators with a capacity of 3.15 MW each at projects for NTPC Renewable Energy Limited and Indian Oil NTPC Green Energy Pvt. Ltd. This brings Suzlon’s cumulative order book to nearly 5 GW as of September 2024.
The company further announced to have acquired a 51% stake in Renom Energy, making it Suzlon’s subsidiary. This forms part of the major deal in which Suzlon will be acquiring a stake of 76% in Renom Energy for Rs 660 crore in two phases.
ICICI Securities upgraded Suzlon’s target price to Rs 80 on the back of improving order flow leading to enlarged execution capacity for the company. JM Financial hailed Suzlon’s new asset-light strategy following the sale of its corporate office for improving financial strength.
Suzlon Energy shares were trading at Rs 76.56 on NSE, up 2.6% at 10:53 am on September 9. The stock is up 95% in 2023 and up 213% in the last one year compared to 16% and 28% jump of the Nifty index during the same periods.
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Source: Moneycontrol
News Desk
