Suzlon Energy shares hit 52-week high on govt listing of wind turbine series

Shares of Suzlon Energy surged as much as 3.7% in early trade on November 16 to hit a 52-week high of ₹42 apiece on the BSE, a day after the company announced the RLMM listing of its S144-3 MW series of wind turbines.

During the session on Thursday, the share price of the renewable energy service provider opened 0.3% higher at ₹40.65, as against the closing price of the previous session at ₹40.49. At 1:02 pm, the share price of the company was trading 3.68% higher at ₹41.98. This is in line with the broader BSE Sensex, which was trading 0.71% or 468.84 points higher at 66,129.48. The company’s market capitalisation during the session stood at ₹57,002.52 crore, with more than 1.07 crore shares exchanging hands on the BSE against the two-week average of 184.51 lakh shares. The company touched a 52-week low of ₹6.96 on March 28 this year. In the year-to-date period, the counter has given 8.12% in returns.

According to the company, Suzlon has already installed the first prototype of this series at a hub height of 160 m with a hybrid lattice tubular (HTL) tower at the Gondal site in Gujarat. The company says that at present, the product is in the process of serial manufacturing and commercialisation.

"This listing comes at the right time after our S144 product received an enthusiastic response from the market from the stronger order book inflow. The transformation toward more energy‐efficient products is driving the Indian wind energy market. It is  imperative  for  us  to  offer  technologically advanced  products  that  are  best  suited  for  sites in India,  ensuring  a  higher  return  on  investment  (ROI)  for  our  customers," says JP Chalasani, CEO, Suzlon Group.

"Considering  India's  varied  wind  regimes  and  terrains,  the  S144  turbine  is  designed  to  make  it  customizable  for  the  site‐specific  requirements for higher PLFs (plant load factor).  The S144- 3 MW series is a true testament to 'Make in India’s and ‘Aatmanirbhar Bharat’ with 90% domestic content. We believe that this product will go a long way in driving India’s renewable energy targets towards a more sustainable country," he adds.

The development comes after the company was included in the MSCI Global Index in the latest rejig.

In the July to September quarter of FY24, the company’s consolidated net profit surged 78.11% to ₹102.29 crore as against ₹57.43 crore in the same period last year. The company’s revenue from operations during the period under review, however, slipped 0.92% to ₹1,417.21 crore as against ₹1,430.38 crore in the same period last year.