Suzlon Energy Shares Hit 52-Week High, After Winning 2 Wind Power Projects
Suzlon Group has received a total of two orders, both from Integrum Energy Infrastructure Pvt Ltd. The first order is for the development of a 31.5 MW wind power project, and the second order win is for the same capacity wind power project.
Suzlon Energy, a renewable energy solutions provider, has secured a new order to develop a 31.5 MW wind power project for Integrum Energy Infrastructure. This is the second order Suzlon has received from Integrum Energy.
The project will involve the installation of 15 wind turbine generators in Maharashtra and Karnataka, with a rated capacity of 2.1 MW each. The project is expected to be completed by May 2024.
Suzlon will handle the supply, installation, and commissioning of the project, as well as provide post-commissioning operation and maintenance services.
The power generated from this project will be used for captive consumption, contributing to the growth of renewable energy in India.
Suzlon recently announced a fund raise of Rs 2,000 crore through a qualified institutional placement (QIP). The funds will be used for debt repayment and working capital expenses. The company is also on track to execute its 1.6 GW order book.
Following the announcement of the new order, Suzlon’s stock has seen a positive trend, with shares rising nearly 2 percent in today’s trade and over 12 percent for the week.
Suzlon Energy’s stock has been performing well, with a significant increase of 110 percent in 2023 and 180 percent in the past year.
However, the stock is currently under the long-term ASM framework, which is used by stock exchanges to caution investors about high volatility.
In terms of technical analysis, Suzlon’s stock is trading above various moving averages and has a 14-day relative strength index (RSI) of 73.09, indicating overbought conditions. The stock has a negative price-to-equity (P/E) ratio of 208.79 and a price-to-book (P/B) value of 60.92.