Suzlon Energy jumps 14 percent, extends 3-day gains to 25%

In its earnings call, group CEO JP Chalasani stated that the company’s cumulative orders of 1,542 megawatts are the highest since 2019.

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Shares of Suzlon Energy jumped 14 percent on June 7, extending gains for the third session. In three straight sessions, the stock has notched 25 percent gains. Sentiment for the stock has been running high, especially after positive earnings results and new large orders.

The company recently announced that 20 gigawatts (GW) of wind energy installations were accomplished through the deployment of 12,647 wind turbines across 17 countries. These installations will generate sufficient green electricity to power over 13 million Indian households.

In its earnings call, group CEO JP Chalasani stated that the company’s cumulative orders of 1,542 megawatts are the highest since 2019. Order book stood at 652 megawatts (MW) as of March 31, 2023 plus orders secured subsequently stand at 890 MW.

At 11:55 am, shares of Suzlon Energy were trading at Rs 13.95, around 14 percent higher on the National Stock Exchange.

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New projects
On May 24, the renewable energy solution provider announced that it has secured a 300 MW wind energy project from Torrent Power. Suzlon will install 100 wind turbine generators with a hybrid lattice tubular tower, each with a rated capacity of 3 MW. The project is located in Karnataka and is expected to be commissioned in 2025.

Furthermore, Suzlon also announced that it has secured a 204 MW wind energy project from Serentica Renewables, a decarbonisation platform that aims to accelerate the energy transition for energy-intensive industries. As part of this order, Suzlon will install 68 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower, each with a rated capacity of 3 MW, for Serentica’s 204 MW wind power project in Koppal, Karnataka.

Looking ahead, J P Chalasani stated, “Suzlon remains committed to its mission of advancing the adoption of clean energy sources and supporting the global transition toward a carbon-neutral future, with a sharp focus on India.”