Multibagger penny stock under Rs 20: This mid-cap company secures an order of 100.8 MW from Everrenew Energy Private Limited!

The stock gave multibagger returns of 210 per cent in just 1 year whereas BSE Sensex Index is up by 21.70 per cent.

Suzlon Group, India’s largest renewable energy solutions provider, today announced a new order win for the development of a 100.8 MW wind power project for Everrenew Energy Private Limited. Suzlon will install 48 wind turbine generators (WTGs) of their S120 – 2.1 MW with a Hybrid Lattice Tubular tower at Velliyanani Phase II in Karur district and Vengaimandalam in Trichy in Tamil Nadu and the project is expected to be commissioned in March 2024. Suzlon will supply the wind turbines (equipment supply) and supervise the execution and commissioning of the project. 

Previously, the company received an order of 47.6 MW from The KP Group in Gujarat. The company will supply, commission, and maintain a 47.6 MW wind power project in Vagra, Bharuch district, Gujarat, which is expected to be completed in 2024.

Additionally, the company plans to raise up to Rs 2,000 crore by issuing a combination of equity shares, convertible bonds, non-convertible debt instruments, or other instruments. The issuance will be done in one or more tranches, denominated in Indian Rupees, through private offerings, qualified institutions placement, or a combination of both.

On Friday, shares of Suzlon Energy Ltd jumped 2 per cent to an intraday high of Rs 17.90 per share from its previous closing of Rs 17.55. At the closing bell, shares of the company were trading at Rs 17.70 per share, up 0.85 per cent.

The company has a market cap of over Rs 22,000 crore with a 3-year stock price CAGR of 62 per cent. The shares of the company have a PE of 10.21x and an ROE of 437.16 per cent. As of May 30, 2023, the cumulative order book stands at 1,542 MW. This includes the order book as on March 31, 2023, of 652 MW plus orders secured subsequently of 890 MW.

The stock gave multibagger returns of 210 per cent in just 1 year whereas BSE Sensex Index is up by 21.70 per cent. Penny Stock Suzlon Energy should be kept under the radar.