Heavy buying in this LIC-backed multibagger wind energy stock at Rs 51 with largest ever over book of 4-Gigawatts; Spurt more than 2 times on BSE
The stock gave multibagger returns of 230 per cent in 1 year and a whopping 670 per cent in 3 years.
Today, the Indian benchmark indices ended the day in green with the BSE Sensex Index up 0.20 per cent while the NSE Nifty-50 Index is up by 0.25 per cent. Along with the market in green, one multibagger stock gained 4.62 per cent to an intraday high of Rs 50.49 per share from its previous closing of Rs 48.26 per share. The stock gave multibagger returns of 230 per cent in 1 year and a whopping 670 per cent in 3 years. At the closing bell, the shares of the company were trading at Rs 50.29 per share, up 4.21 per cent with a spurt in volume by more than 2 times on BSE.
The buzzing stock name is 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.
Suzlon Group, India's leading renewable energy company, has secured significant wind power project orders totalling over 1,139.1 MW. These projects will utilize Suzlon's advanced 3 MW wind turbine generators with a higher capacity of 3.15 MW each. The first order of 81.9 MW comes from Oyster Green Hybrid One Private Limited for a project in Agar, Madhya Pradesh. This project will use 26 turbines and provide clean power to approximately 67,000 households, reducing carbon dioxide emissions by 2.66 lakh tonnes annually. Suzlon also received a massive 551.25 MW order from Aditya Birla Group for projects in Rajasthan and Gujarat. This project will involve installing 175 turbines and is expected to provide electricity to around 4.54 lakh households, offsetting 17.92 lakh tonnes of carbon dioxide emissions per year.
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Additionally, Suzlon secured new orders for 402 MW wind power projects from Juniper Green Energy, located in Fatehgarh, Rajasthan, utilizing 134 turbines to provide clean energy for approximately 3.31 lakh households and reduce carbon dioxide emissions by 13.07 lakh tonnes annually. Lastly, a 103.95 MW project order came from AMPIN Energy Transition for a project in Fatehgarh district, Rajasthan. This project will use 33 turbines and is expected to generate enough electricity to power around 85,000 households and reduce carbon dioxide emissions by approximately 3.38 lakh tonnes annually. In addition to supplying the turbines, Suzlon will also handle erection, and commissioning, and provide ongoing operations and maintenance services for this project.
Suzlon Energy Ltd, a leading renewable energy powerhouse with a market cap exceeding Rs 68,000 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 2.9-gigawatts as of March 31, 2024. And including the above orders the company order book stands at over 4-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.
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