Suzlon Energy shares: Suzlon Energy Ltd saw its shares reach the 5% upper price limit of Rs 46.23 in Wednesday’s trading session following the announcement of new orders. The renewable energy solutions provider, Suzlon Group, revealed today that it has secured orders for the development of 402 MW wind energy projects for Juniper Green Energy.
Suzlon will be installing a total of 134 wind turbine generators (WTGs) with Hybrid Lattice Tubular (HLT) towers, each having a rated capacity of 3 MW for both projects, at the proposed site in Fatehgarh, Rajasthan, as mentioned in a BSE filing.
The company stated that these are renewed orders from the customer for Suzlon’s larger rated 3 MW, S144‐140m turbines from the 3 MW product series. Under the agreement, Suzlon will handle the supply of wind turbines and oversee project execution, including foundation work, erection, and commissioning. Furthermore, Suzlon will offer complete post-commissioning operations and maintenance services.
Girish Tanti, Vice-Chairman of Suzlon Group, expressed, “Juniper Green Energy has been a longstanding, recurring customer for us, and we’re pleased to collaborate with them once more. This order enables us to expand our presence in Rajasthan. The electricity generated from these projects will contribute to fulfilling the Rajasthan government’s vision of providing its people with sustainable energy.”
Today, the stock experienced significant trading activity with 38.57 lakh shares changing hands, surpassing the two-week average volume of 21.07 lakh shares. The turnover amounted to Rs 17.48 crore, contributing to a market capitalization of Rs 62,890.65 crore. Buy orders totaled 8,46,123 lakh shares, while sell orders were nil.
Both BSE and NSE have placed Suzlon’s securities under the long-term Additional Surveillance Measure (ASM) framework, a move aimed at alerting investors to potential high volatility in share prices.
From a technical perspective, the stock traded above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs). The 14-day relative strength index (RSI) stood at 55.18, indicating neither oversold nor overbought conditions (typically defined as below 30 and above 70, respectively).
Pravesh Gour, Senior Technical Analyst at Swastika Investmart, commented, “Suzlon is emerging from a prolonged consolidation phase with robust trading volume. The overall trend appears bullish, trading above its crucial moving averages. Immediate resistance is anticipated around Rs 48, potentially causing a brief pause, but further upward movement towards the Rs 50 mark is plausible. Conversely, Rs 40 serves as a significant support level for any downward correction, with Rs 36-38 representing the subsequent critical demand zone.”
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Regarding the company’s financial metrics, Suzlon’s stock exhibits a negative price-to-equity (P/E) ratio of 1541, contrasting with a price-to-book (P/B) value of 18.06. Earnings per share (EPS) stand at (-)0.03, accompanied by a return on equity of (-)1.16%.
As of March 2024, the company’s promoters maintain a 13.29% stake in the organization.
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