Day Movers: Know why Suzlon Energy rallied 20 per cent on the bourses on October 19

The renewable energy company bags order of 48.3 MW from Adani Green Energy.

Suzlon Energy, one of India’s leading renewable energy solutions provider, announced a new order win for the development of a 48.3 MW wind power project for Adani Green Energy Ltd. today. 

Suzlon will install 23 units of their wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located in Mandvi, Kutch, Gujarat and is expected to be commissioned in 2023.   

This order is a repeat order from Adani Green Energy Ltd. and is in addition to the existing order of 226.8 MW as announced on  August 13, 2021. Suzlon will execute the project with a scope of supply, installation and commissioning. Additionally, Suzlon will offer post-commissioning operation and maintenance services.  

Shares of Suzlon Energy zoomed 20 per cent in today’s session logging day’s high at Rs 9.30 and closed at Rs 9.24, up 19.23 per cent from its previous close. The stock is trading at TTM PE of 4.94 with 52 week high and low of Rs 12.03 and Rs 5.43 respectively.