LIC-backed multibagger wind energy stock at Rs 52.48 hit a fresh 52-week high: Company’s order book stands at 3.3 Gigawatts & bags orders of 1,035.15 Megawatts

At 09:45 am, the shares of the company were trading at Rs 48.48 per share, down 3 per cent.

Today, the Indian benchmark indices started the day in red with the BSE Sensex Index down 2.70 per cent while the NSE Nifty-50 Index is down 2.25 per cent. Though the market was in red, one multibagger stock gained 4.34 per cent and made a fresh new 52-week high of Rs 52.19 per share from its previous closing of Rs 49.99 per share. The stock gave multibagger returns of 358 per cent in 1 year and a whopping 700 per cent in 3 years. At 09:45 am, the shares of the company were trading at Rs 48.48 per share, down 3 per cent.

The buzzing stock name is SUZLON ENERGY LTD.

Suzlon Group, India's leading renewable energy company, has secured significant orders for wind power projects totalling over 1,035.15 MW. These projects will utilize Suzlon's advanced 3 MW wind turbine generators with a capacity of 3.15 MW each.

The first order comes from Oyster Green Hybrid One Private Limited for an 81.9 MW project in Agar, Madhya Pradesh. Suzlon will supply and install 26 wind turbines with Hybrid Lattice Tubular towers. The electricity generated will be supplied to commercial and industrial consumers under a captive power model. This project is estimated to provide clean power to approximately 67,000 households and reduce carbon dioxide emissions by 2.66 lakh tonnes annually.

Suzlon has also secured a massive 551.25 MW order from Aditya Birla Group, a prominent Indian conglomerate. This project involves installing 175 wind turbines across two locations: Barmer district in Rajasthan and Bhuj district in Gujarat. The wind power generated will be used by Aditya Birla Group companies for their internal consumption. This project is expected to provide electricity to around 4.54 lakh households and offset 17.92 lakh tonnes of carbon dioxide emissions per year.

Also Read: Rs 20,400 crore order book & FIIs increase stake: This civil construction company receives Rs 398,60,04,430 from NHAI; details inside!

Additionally, Suzlon received new orders for 402 MW wind power projects from Juniper Green Energy. These projects will be located at the Fatehgarh site in Rajasthan and will utilize a total of 134 wind turbines. The generated power will be supplied under a mix of Firm and Dispatchable Renewable Energy (FDRE) Hybrid and Merchant models. This project is estimated to provide clean energy for approximately 3.31 lakh households and reduce carbon dioxide emissions by 13.07 lakh tonnes annually.

These new orders solidify Suzlon's position as a major player in India's renewable energy sector and its commitment to providing clean and sustainable power solutions.

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.

Suzlon Energy Ltd, a leading renewable energy powerhouse with a market cap exceeding Rs 64,000 crore, cements its dominance by joining the prestigious ranks of both the BSE Mid-Cap and Power Indices. The company has an order book of 3.3 gigawatts as of March 31, 2024. And including the above 3 orders the company order book now stands over 3.9 gigawatts.

In March 2024, Foreign institutional investors (FIIs) bought over 171 crore shares and increased their stake to 19.57 per cent and Domestic Institutional Investors (DIIs) increased their stake to 6.30 per cent compared to 7.64 per cent and 5.55 per cent respectively in March 2023. Currently, promoters own a 13.28 per cent stake, FIIs own a 19.57 per cent stake, DIIs own a 6.30 per cent stake and the public owns a 60.85 per cent stake in the company.  

Disclaimer: The article is for informational purposes only and not investment advice.