Penny Stock Under Rs 20 Secures 100.8 MW Order, Stock Rallied 2.99%, Trading Near 52-Week High

Suzlon Energy Ltd. on July 14, 2023, in a press release, informed that it has secured an order of 100.8 MW from Everrenew Energy Private Limited. Suzlon Energy will supply 48 wind turbines with a rated capacity of 2.1 MW each. The project is to be installed at Velliyanani Phase II in Karur district and Vengaimandalam in Trichy district in Tamil Nadu with a total installed capacity of 100.8 MW.

Following the order, the share price of Suzlon Energy rallied 2.99% today, July 17. The stock is currently trading near its 52 week high.

Suzlon secures an order of 100.8 MW from Everrenew Energy Private Limited

Suzlon Group, India's largest renewable energy solutions provider, today announced a new order win for the development of a 100.8 MW wind power project for Everrenew Energy Private Limited. Suzlon will install 48 wind turbine generators (WTGs) of their S120 - 2.1 MW with a Hybrid Lattice Tubular tower at Velliyanani Phase II in Karur district and Vengaimandalam in Trichy in Tamil Nadu and the project is expected to be commissioned in March 2024. Suzlon will supply the wind turbines (equipment supply) and supervise the execution and commissioning of the project.

JP Chalasani, Chief Executive Officer, Suzlon Group said, "We are delighted to announce our first order with Everrenew Energy Private Limited. Suzlon takes pride in valued customers like Everrenew Energy, one of India's fast‐growing renewable energy Project Management companies. They have put their trust in our leading technology and comprehensive capabilities throughout the wind energy value chain. The Power generated from this project will target the Commercial & Industrial (C&I) consumer segment, creating deeper penetration of renewable energy in India. Suzlon is committed to driving Indian industries toward their net‐zero targets and powering the domestic economy with green energy.

Every Suzlon turbine ranging over 80%‐90% on domestic content and manufactured in the country through a thriving domestic value chain is a testament to our contribution to the vision of Aatmanirbhar Bharat.

Venkatesh R, Chief Executive Officer, Everrenew Energy Private Limited said, "At Everrenew Energy, we share a common sense of purpose to shape a more sustainable future by generating clean energy for our customers. Our endeavours into wind energy projects are an extension of that commitment. We are delighted to partner with Suzlon, a leading renewable energy solutions provider with reliable technology and a great track record in India. Suzlon's commitment to 'Aatmanirbhar Bharat' is reflected in their 'Made‐in‐India' products which complement our ideology. We are focussed on increasing adoption of renewable energy in the C&I segment and powering their energy transition journeys. We look forward to creating many landmark renewable energy projects in the future."

Suzlon turbines feature the time tested Doubly Fed Induction Generator (DFIG) technology that efficiently integrates wind turbines into the utility network to meet the grid requirements. Suzlon's R&D efforts are continuously geared towards increasing turbine performance, harnessing more energy from low wind sites, and lowering the cost of energy.

Stock Movement

On Monday, the share price of Suzlon Energy jumped 2.99%, ended at Rs 18.53 apiece on BSE. The stock's 52-week high is Rs 18.54 and its 52-week low is Rs 5.43.

The stock jumped 4.95% in the last 1 week, while in the last 1 month, it jumped 23.51%. It jumped 123.68% in the last 3 months and 82.48% in the last 6 months, respectively. It gave a multibagger return of 213.77% in the last 1 year, 149.38% in the last 2 years, 338.22% in the last 3 years, and 177.05% in the last 5 years, respectively.

Disclaimer - The above-mentioned information is purely informational. Investors are advised to not take this as an advisory to invest. Greynium Information Technologies and the Author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before making any investment decision.