Suzlon Energy share price surged over 7% after the company received an order from Torrent Power for 100 wind turbines. Following the order win, the stock soared to an intraday high of ₹10.20 per share, up over 8%, from the opening price of ₹9.56 per share on the BSE.
In an exchange filing, the company stated that Torrent Power Limited has placed a sizably substantial order for 300 MW of its new 3 MW series wind turbines. Suzlon is going to put 100 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a 3 MW rating each in place. Karnataka is the site of the project, which is scheduled to be completed in 2025.
The Torrent Group has placed a fourth order with Suzlon. Additionally, this is the new Suzlon 3 MW series turbine's sixth and largest order to date. This order is a portion of the bid that Torrent Power Ltd. earned in the SECI tranche XII auctions.JP Chalasani, Chief Executive Officer, Suzlon Group, said, “We are happy to announce our fourth order with the reputed Torrent Power Limited. It is always special when we get repeat orders from esteemed customers which demonstrates their trust in Suzlon and its expertise. This is the largest order for our new 3 MW series so far, positioning the product firmly in the market.
On the technical front, the stock has gained over 69% from 52-week low of 5.9 recorded on July 28, 2022. In one month, the stock has generated a return for investors of 26.42%.
According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, this small cap stock has seen strong traction, with prices up around more than 19% this week. Considering strong volumes in this upmove it is expected that this move may continue in the near term towards the levels of 11.30, on the flip side 9.5 is immediate support.
This article taken by livemint.com
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