Renewable Energy Firm Secures Major Framework Agreement for Wind Turbines

In 2024, shares of Suzlon have risen by 42.67 percent, with an additional 3.10 percent gain in the month of July alone.

On Monday, the Nifty opened higher and went on to touch a fresh all-time high of 24,635.05. However, profit booking emerged at higher levels, causing the Nifty to shed some of its gains and close at 24,586.70. On the daily chart, the Nifty formed a doji candlestick pattern as the open and close prices were almost identical.

The formation of a doji candlestick pattern on the daily chart indicates indecision among market participants about the future prospects of the index. Despite this, a selective buying approach was evident on D-street, with Suzlon Energy, one of the leading global renewable energy solutions providers, seeing notable buying interest towards the close.

In the last 75 minutes of trading, Suzlon Energy witnessed one-third of its total traded volume on the NSE exchange. Alongside the rise in volume, the stock recovered from the day's lows. This action in Suzlon’s stock came after the announcement of a framework agreement with a CESC subsidiary.

Purvah Green Power Private Limited, a step-down subsidiary of CESC Limited, has entered into a framework agreement with Suzlon Energy Limited for the supply, EPC (engineering, procurement, and construction), and operations and maintenance of wind turbines to be commissioned over the next 2-4 years.

In 2024, shares of Suzlon have risen by 42.67 percent, with an additional 3.10 percent gain in the month of July alone.

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