LIC-backed multibagger stock under Rs 50: This wind energy stock bags new 72.45 MW order for wind power project; stock gains over 350 per cent!
Shares of the company have gained more than 60 per cent in the last six months.
Suzlon, India's one of the leading renewable energy solutions providers, has secured a new 72.45 MW wind power project from Juniper Green Energy Private Limited. This project will be located in Gujarat's Dwarka district and will utilize 23 of Suzlon's latest S144-140m wind turbines, each with a capacity of 3.15 MW.
Suzlon's scope of work encompasses supplying the wind turbines, erecting and commissioning them, and providing comprehensive operations and maintenance services after the project is complete.
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Recently, the company secured a new 30 MW wind power project from EDF Renewables. This project reinforces Suzlon's position in the clean energy sector and contributes significantly to India's renewable energy goals. Located in Gujarat, the project will utilize 10 wind turbine generators (WTGs) from Suzlon's most powerful 3 MW series, each equipped with a Hybrid Lattice Tubular (HLT) tower.
In Q3FY24, the company witnessed a 7.17 per cent increase in consolidated revenue compared to the previous year, coupled with growing operating and net profits. This financial strength positions Suzlon for continued growth and leadership in the renewable energy sector.
The Suzlon Group is one of the leading renewable energy solutions providers in the world with 20.3 GW of wind energy capacity installed across 17 countries. Headquartered at Suzlon One Earth in Pune, India, the Group comprises Suzlon Energy Limited and its subsidiaries. The stock has also delivered multibagger returns of over 350 per cent in the last three years. LIC owns a 1.12 per cent stake in the company.
The stock has shown impressive growth, and investors should keep a close eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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