Shares of Suzlon Energy gained over 4% in early deals today after the firm said it won an order for the development of 551.25 MW wind power project from Aditya Birla Group. Suzlon Energy shares gained 4.52% to Rs 45.95 on BSE today. Market cap of the firm rose to Rs 62,441 crore. Total 25.39 lakh shares of Suzlon Energy changed hands amounting to a turnover of Rs 11.36 crore on BSE.
Suzlon Energy shares have a beta of 0.9, indicating low volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 54.5, signaling it's trading neither in the overbought nor in the oversold zone.
Suzlon Energy stock is trading higher than the 10 day, 20 day, 30 day, 50 day, 100 day, 150 day, and 200 day moving averages The new order win for the development of 551.25 MW wind power project for the Aditya Birla Group.
Suzlon will install 175 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each at sites in the Barmer district in Rajasthan and Bhuj district in Gujarat.
Girish Tanti, Vice Chairman, Suzlon Group, said, "We are delighted to partner once again with the Aditya Birla Group for this order. Suzlon admires and shares the value of nation building with the Aditya Birla Group and welcomes this opportunity to power them with sustainable energy. We applaud ABG's visionary approach to power operations across its group companies with renewable energy and set an example for India Inc. Suzlon's comprehensive and proven product portfolio, customised for the Indian wind regime, will be instrumental in ramping up India's renewable energy capacities in line with our national targets while powering the Indian industry with green energy."
Suzlon Energy is a provider of renewable energy solutions. The company is a producer of wind turbines. It offers a range of solar energy solutions, such as solar irradiance assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commission and life cycle asset management.