FIIs Bought 30,26,83,899 Shares: Stock Under Rs 70-Suzlon and Jindal Renewables Expand Partnership with Additional 302.4 MW Wind Project
The stock gave multibagger returns of 620 per cent in 2 years and a whopping 3,200 per cent in 5 years.
On Wednesday, shares of Suzlon Energy Ltd gained 4.62 per cent to Rs 68.43 per share from its previous closing of Rs 65.41 per share. The stock’s 52-week high is Rs 86.04 and its 52-week low is Rs 33.83. The shares of the company saw a spurt in volume by more than 1.01 times.
Suzlon and Jindal Renewables Expand Partnership with Additional 302.4 MW Wind Project to Accelerate India’s Green Steel Production
Suzlon Energy Limited and Jindal Renewables have further solidified their partnership with an additional 302.4 MW wind power project in the Koppal region of Karnataka. This strategic move aims to accelerate India's transition towards green steel production. With this second order, Jindal Renewables has become Suzlon's largest-ever commercial and industrial (C&I) customer, totalling 702.4 MW of wind power capacity.
A Significant Milestone for India's Green Energy Landscape
This expansion marks a significant milestone in India's green energy landscape. The energy generated from this project will be utilized to power steel plants in Chhattisgarh and Odisha, enhancing their operational sustainability and reducing their carbon footprint. By leveraging wind power, Jindal Renewables is taking a proactive step towards a greener and more sustainable future for the steel industry.
Suzlon's Strong Position in the C&I Segment
Suzlon's strong position in the C&I segment is further reinforced by this partnership. The company's order book now stands at a record high of 5.4 GW, with C&I customers accounting for 56% of the total. This indicates a growing trend among businesses to adopt clean energy solutions to meet their sustainability goals.
By supplying 96 state-of-the-art S144 wind turbine generators with Hybrid Lattice Towers, Suzlon is demonstrating its commitment to providing cutting-edge technology and contributing to India's renewable energy growth. This collaboration between Suzlon and Jindal Renewables sets a strong example for the industry and underscores the potential for significant advancements in India's green energy sector.
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About Suzlon Energy Ltd
Suzlon is one of the leading global renewable energy solutions providers. It is a vertically integrated WTG manufacturer. It also undertakes installation and O&M of all WTG sales. Operations include design development and manufacturing of all major components, including rotor blades, tubular towers, generators, control equipment, gears and nacelles. Apart from manufacturing, it offers a full gamut of wind project planning and execution services, including wind resource assessment, infrastructure and power evacuation, technical planning and execution of wind power projects. It also offers O&M services in India and overseas countries.
According to Quarterly Results, the net sales increased by 48 per cent to Rs 2,093 crore, EBITDA increased by 31 per cent to Rs 294 crore and net profit increased by 96 per cent to Rs 201 crore in Q2FY25 compared to Q2FY24. In its annual results, the net sales increased by 9.4 per cent to Rs 6,529.1 crore and net profit decreased by 77 per cent to Rs 660.35 crore in FY24 over FY23. The company maintained a robust financial position with a net cash balance of Rs 1,277 crore as of September 30, 2024.
Suzlon Energy Ltd is a mid-sized company in the power sector, listed on the Bombay Stock Exchange (BSE) & National Stock Exchange (NSE) with a market capitalization surpassing Rs 93,000 crore. The company is also included in the BSE's Power Index, reflecting its focus on the power industry. As of September 30, 2024, Suzlon has a healthy order book of 5,100 megawatts. In September 2024, FIIs bought 30,26,83,899 shares and increased their stake to 23.72 per cent compared to 21.53 per cent in June 2024. The stock gave multibagger returns of 620 per cent in 2 years and a whopping 3,200 per cent in 5 years. Investors should keep an eye on this mid-cap power stock.
Disclaimer: The article is for informational purposes only and not investment advice.