good news for Suzlon Energy , gets order for 201.6 MW power, stock jumps by 6%
Suzlon Energy : Amid market volatility, Suzlon Energy has secured a significant order from Oyster Renewable, boosting its presence in India’s renewable energy sector. The project involves generating 201.6 MW of electricity, a development the company officially announced to the stock market.
Girish Tanti, Vice Chairman of Suzlon Group, expressed confidence in the partnership, stating, “Oyster has previously worked with us, and now they have entrusted us with the complete execution of this project. We will handle everything from land acquisition to project completion and maintenance of the wind turbines.”
Expanding Clean Energy in Madhya Pradesh
According to Suzlon Group’s regulatory filing, this project will be fully developed in Madhya Pradesh, further strengthening its collaboration with Oyster Renewable. With this addition, the Suzlon-Oyster partnership now totals 283.5 MW in the state within just nine months, significantly advancing clean energy production.
Suzlon will install 64 state-of-the-art wind turbines, each capable of generating 3.15 MW of electricity. These modern windmills will enhance renewable energy production efficiency and sustainability in the region.
Siddharth Bhatia, Managing Director of Oyster Renewable, shared his enthusiasm for the collaboration, saying, “Our previous partnership with Suzlon proved highly beneficial, so we are once again working together to drive clean energy initiatives in India. We aim to leverage cutting-edge technology to ensure continuous power generation and will continue fostering such collaborations to help India achieve its goal of 500 GW clean energy by 2030.”
Market Impact and Financial Performance
Suzlon Energy’s stock, which was trading at Rs 51.99 on Wednesday with a 0.56% decline, initially dropped to Rs 49.48 during the session. However, after the announcement of this significant order, it surged by 6% to Rs 52.77. The company’s 52-week high stands at Rs 86.10, while its 52-week low is Rs 35.50. Over the past six months, Suzlon’s stock has declined by 35.69%, but it has still delivered a 14.84% return over the past year.
In addition to this major contract, Suzlon Energy has also reported strong financial performance for the third quarter of the current fiscal year. The company’s net profit soared by an impressive 90.6%, increasing from Rs 203 crore in the previous year to Rs 387 crore. Revenue growth has been equally remarkable, witnessing a 91% surge.
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