Multibagger stock under Rs 70: This wind energy stock acquires 51 per cent stake in Renom Energy Services; Bags new 103.95 MW wind power project!
Shares of the company gained more than 40 per cent in the last six months.
Shares of Suzlon Energy Limited were locked in the upper circuit on Wednesday, gaining 5.00 per cent. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock was locked in the upper circuit today. The stock has gained more than 40 per cent in the last six months.
Suzlon has acquired a 51 per cent stake in Renom Energy Services, India's one of largest multi-brand renewable energy operations and maintenance service provider. The acquisition, valued at Rs 400 crore, is part of a broader plan to acquire a 76 per cent stake in Renom. With this strategic move, Suzlon aims to strengthen its position in the wind energy O&M services market, which is expected to grow significantly in the coming years. Renom's expertise in maintaining turbines of different makes and its strong customer base will complement Suzlon's existing operations and enable the group to tap into the growing non-Suzlon wind energy services segment.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
Earlier, Suzlon secured a 103.95 MW wind power project order from AMPIN Energy Transition Private Limited. The project involves the installation of 33 wind turbines with a rated capacity of 3.15 MW each in Fatehgarh district, Rajasthan. The turbines will be equipped with Suzlon's Hybrid Lattice Tubular tower technology. Suzlon will handle the entire project, including equipment supply, erection, commissioning, and post-commissioning operations and maintenance.
The stock has shown tremendous growth, and investors should keep a close eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.