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Suzlon Energy Share Price: Wind turbine maker Suzlon Energy's shares surged after it received the country's largest ever wind power order. The order came from the company's renewable unit NTPC Green Energy. Suzlon shares surged on this disclosure. Profit booking softened the moving price and is currently trading at Rs 75.00, up 0.36 per cent on the BSE. Intra-day, it rose 3.28 per cent to Rs 77.18. The one-year high was Rs 84.40 on August 13, 2024 last month and it is currently down about 11 per cent from this level.
Suzlon Energy's NTPC Green Energy has received an order of 1166 MW. Under this, the company will install 370 wind turbine generators of S144 with a capacity of 3.15 MW, which will be equipped with hybrid lattice tubular towers. These generators will be installed under two projects of NTPC Renewable Energy and one project of Indian Oil NTPC Green Energy. This is the largest order ever for Suzlon and as of September 3, the company's order book has reached close to 5 GW.
Apart from this, the company on Friday announced the completion of the purchase of 51 percent equity stake in Rainam Energy, which supported the shares. In August, Suzlon's board approved the acquisition of 75 percent stake in Rainam Energy for Rs 660 crore. Now the company has bought 51 percent stake for Rs 400 crore and will now buy 25 percent stake for Rs 260 crore within 18 months. All these disclosures are from exchange filings.
ICICI Securities last week raised the target price of Suzlon Energy to Rs 80 from Rs 70. The brokerage will maintain its AD rating. According to the brokerage, the company is planning to raise funds so that it can increase its capacity to complete the work and get more orders. Domestic brokerage firm JM Financial said that the company has sold its corporate office to Suzlon One Earth at a good price and this will strengthen the financial and operational capabilities of the company. This will increase the working capital of the company to complete the project.