Suzlon Energy shares surge 8% on order win from Torrent Power; check details

Shares of Suzlon Energy Ltd rose nearly 8 per cent in today after the renewable energy solutions provider said it has bagged a significantly large order for its new 3 MW series of wind turbines to develop a 300 MW wind power project for Torrent Power Limited.

Share price of Suzlon Energy gained 7.8 per cent to Rs 10.20 against the previous close of Rs 9.46 on BSE. The market capitalisation of Suzlon Energy rose to Rs 12,177 crore on BSE. A total of 495.10 lakh shares of the firm changed hands amounting to a turnover of Rs 49.36 crore.

Market cap of the firm rose to Rs 12,177 crore on BSE today. The stock has been gaining for the last three sessions.

In terms of technicals, the relative strength index (RSI) of Suzlon Energy stock stands at 73.6, signaling it's trading in the overbought zone. The stock has a beta of 1.4, indicating high volatility in a year. Suzlon Energy stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Suzlon will install 100 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each. The project is located in Karnataka and is expected to be commissioned in 2025.

This is the fourth order from the Torrent Group to Suzlon Energy. This is also the sixth and the largest order of the new Suzlon 3 MW series turbine so far.

As part of the agreement, Suzlon will supply the wind turbines (equipment supply), provide land and execute the project including erection and commissioning. Suzlon will also provide comprehensive operations and maintenance services post-commissioning.

Suzlon Energy is a provider of renewable energy solutions. The company is a producer of wind turbines. It offers a range of solar energy solutions, such as solar irradiance assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commission and life cycle asset management.