Suzlon Energy Share Price: Renewable energy sector stocks are witnessing a rapid rise. Especially, the share of Suzlon Energy Ltd (NSE: SUZLON) has surprised everyone.
This stock has been hitting an upper circuit for 3 consecutive days. After the market opened on Wednesday (September 11), the share rose by 5% and the stock reached Rs 81.95.
This is a little away from its 52-week high of Rs 84.40. The stock has been registering a rise for 3 consecutive days.
There are two reasons behind this rise. It first received an overweight score from a brokerage firm.
In addition, the company has announced that it was awarded the largest wind energy contract in India which is 1,166 megawatts by NTPC Green Energy Limited. Only after this news, the stock has been registering a rise for three days.
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The Company’s Order Book Increased
According to the statement from the company, Suzlon Energy Ltd will install a total of 370 wind turbines made up of Hybrid Lattice Tubular towers and S144, with a capacity in the range of 3.15 MW.
Suzlon Energy Ltd will install these in the projects under NTPC Renewable Energy Limited and one Indian Oil project NTPC Green Energy Private Limited located in Gujarat.
With this contract, Suzlon Energy Ltd’s order book has reached about 5 gigawatts by September 3, 2024, which is a big trigger for it.
Suzlon Energy Gets An Overweight Rating
Recently, a foreign brokerage firm reiterated its Overweight rating on this stock, although the target from their side is only Rs 73.4, which the stock has surpassed.
However, due to the Overweight rating and strong order book, Suzlon Energy Ltd remains one of the favorite stocks of investors.
Suzlon Share Price History
The performance of Suzlon Energy Ltd’s share has been shown. The stock has given a return of 900% i.e. 9 times in the last 18 months.
That is, during March-April last year, its price was in the range of 8 to 9 rupees, but from here the stock climbed continuously and has climbed 900% in the last 18 months.
Investors have got a return of 241.46% in 1 year. This year so far it has seen a rise of 112.86%, while in the last 6 months, it has seen a rise of 108.52%.
Quick Fact
| Company name | Suzlon Energy |
|---|---|
| Sector | Renewable energy |
| Stock Movement | Upper circuit for 3 days |
| Recent Price | ₹81.95 |
| 52-Week High | ₹84.40 |
| Reasons for Rise | Overweight score and new contract |
| New Contract | 1,166 MW wind energy by NTPC Green Energy |
| Project Details | 370 wind turbines, S144, 3.15 MW capacity each |
| Location of Installation | Gujarat, India |
| Current Order Book | About 5 gigawatts by September 3, 2024 |
| Rating by Brokerage Firm | Overweight rating |
| 18-Month Return | 900% |
| 1-Year Return | 241.46% |
| Year-to-Date Rise | 112.86% |
| 6-Month Rise | 108.52% |
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