scorecardresearchSuzlon Energy rallies over 6% to record a new 52-week high; here's why

Suzlon Energy rallies over 6% to record a new 52-week high; here's why

Updated: 06 Jun 2023, 01:17 PM IST

Suzlon Energy's shares surged on Tuesday after the company surpassed the 20 GW wind energy installations milestone. The company recorded a net profit of 320 crore in the most recent quarter, a significant improvement from the previous year's loss.

One of the leading providers of renewable energy solutions in India, Suzlon, has presence in 17 nations. (BLOOMBERG NEWS)

One of the leading providers of renewable energy solutions in India, Suzlon, has presence in 17 nations. (BLOOMBERG NEWS)

Suzlon Energy's shares experienced a significant surge of 6.5 percent on Tuesday, June 06, after the company surpassed the remarkable milestone of 20 GW in wind energy installations.

Through the installation of 12,467 wind turbines across 17 countries spanning six continents, Suzlon Energy has successfully surpassed the 20 GW mark. This achievement solidifies Suzlon Energy's position as a prominent player in the global wind energy landscape.

During Tuesday’s trade, the stock opened at a price of Rs. 11.55 per share against the previous close of Rs. 11.40 per share and grew further during the early trading session to touch a 52-week high of Rs. 12.15.

It was trading at 11.95, up by 4.82 percent, at 12:10 p.m. on the NSE.

The stock touched a 52-week low of Rs. 5.42 on July 28, 2022, indicating that at the current price, it is trading over 120 percent above that level.

The stock has increased by nearly 40 percent in the last one month. Moreover, in the past six months, it has given a positive return of over 17 percent. The stock has grown by almost 57 percent in the last one year.

Stock price chart of Suzlon Energy

Suzlon Energy has stated that these installations have successfully averted approximately 51.35 million tonnes of CO2 emissions each year, underscoring the crucial contribution of wind energy in combating climate change.

Girish Tanti, Vice Chairman of Suzlon Group, expressed his gratitude to the Government of India for their forward-thinking policy framework and the company's diverse customer base of over 1,900 customers and vendor partners for their unwavering support. He emphasized that Suzlon crossing the 20 GW milestone is a testament to the company's dedication and expertise in the renewable energy industry.

As of February 28, 2023, the Ministry of New and Renewable Energy (MNRE) has reported that India's cumulative renewable energy capacity stands at an impressive 168.96 GW. Out of this capacity, approximately 82 GW is in different stages of implementation, while around 41 GW is currently under the tendering stage.

This remarkable capacity encompasses 64.38 GW from solar power, 51.79 GW from hydropower, 42.02 GW from wind power, and 10.77 GW from biopower.

In the recent quarter, the company recorded a consolidated net profit of 320 crore, driven by cost reductions, showcasing a noteworthy improvement compared to the consolidated net loss of 193 crore reported in the corresponding period of the previous year.

Suzlon Energy Limited is India's largest renewable energy solutions provider with a presence in 17 countries across six continents. The company is engaged in the business of design, development, manufacturing and supply of wind turbine generators (WTGs). The company has a strong presence across the entire wind value chain with a comprehensive range of services to build and maintain the projects, its website shows.

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First Published: 06 Jun 2023, 01:17 PM IST