Suzlon Energy’s remarkable rally in the stock market shows no signs of slowing down. On August 28, the company’s shares surged by 5%, hitting an impressive 8-year high at Rs 23.50. This fiscal year, FY2024, has witnessed an astounding growth of 197% in the stock’s value. JM Financial Institutional Securities has shown confidence in Suzlon Energy by initiating coverage with a ‘Buy’ rating.
Unstoppable Stock Surge
Highlighting the company’s recent accomplishments, Suzlon Energy secured substantial orders in the wind energy sector. In an exchange filing on August 25, the company revealed a significant order for a 201.6 MW wind energy project from Tech Green Power XI, a subsidiary of O2 Power. This order involves the installation of 64 of Suzlon’s largest Wind Turbine Generators (WTG), each with a rated capacity of 3.15 MW, utilizing Hybrid Lattice Tubular (HLT) towers.
Astounding FY2024 Growth
Additionally, Suzlon Energy announced its successful bid for a 31.5-MW wind energy project from Integram Energy Infrastructure. This project involves the installation of 15 units of S120140m Wind Turbine Generator (WTG) with a rated capacity of 2.1 MW each, along with Hybrid Lattice Tubular (HLT) towers. These installations will be spread across Maharashtra and Karnataka.
Suzlon Energy’s core business activities encompass the sale of associated components, manufacturing of Wind Turbine Generators (WTG), and the execution of projects, along with Operation and Maintenance Services (OMS) for various capacities.