Shares of Suzlon Energy corrected sharply from day's high, falling nearly 4 per cent, on Thursday even as the wind turbine player inked a 400 megawatt (MW) captive wind power with Jindal Renewables to lead decarbonization of steel production. The company was informed about the deal through an exchange filing during the day.
"Suzlon Group is set to contribute to decarbonisation of the hard‐to‐abate sectors by harnessing the power of wind through a significant 400 MW order from JSP Green Wind 1 Pvt. Ltd. (SPV of Jindal Renewables Power Private Limited)," said the company in the exchange filing.
This order is the industry’s largest C&I win, reinforcing Suzlon’s market leadership and driving India’s clean energy transition. With this new win, Suzlon’s cumulative order book now stands at nearly 5.4 GW, the company said in the filing further. It is Suzlon's first wind energy project with Jindal Group.
Shares of Suzlon Energy tumbled more than 3.9 per cent to Rs 74.81 on Thursday, from day's high at Rs 77.88. The total market capitalization of the company stood barely above Rs 1 lakh crore mark. The scrip had settled at Rs 76.68 mark in the previous trading session on Wednesday.
"Suzlon will supply 127 state‐of‐the‐art wind turbine generators (WTGs) with hybrid lattice tubular (HLT) towers, each having a rated capacity of 3.15 MW in the Koppal region of Karnataka. The power generated will be used for captive consumption in Steel Plants in Chhattisgarh and Odisha, boosting their operational sustainability while advancing India's green energy goals," it added.
Shares of Suzlon Energy have zoomed about 195 per cent from its 52-week low at Rs 26.20 hit on 11 October 2023. The stock has rallied nearly 96 per cent in the year 2024 so far, while it has gained about 80 per cent in the last six months. It has delivered a whopping 3,000 per cent return in the last five years.
Recently, the circuit filter for Suzlon Energy was revised to 10 per cent from 5 per cent earlier on Tuesday. The price band revision for the wind energy service provider has taken place after the stock was removed from the additional surveillance measure (ASM) framework.
Earlier this month, Suzlon Energy shares were hit hard amid the sharp sell-off in the broader markets and a warning letter issued by BSE and National Stock Exchange (NSE) earlier this month. The letter highlighted concerns regarding corporate governance practices after the resignation of independent director Marc Desaedeleer.