Shares of Suzlon Energy Ltd touched their 5 per cent upper price band of Rs 46.23 in Wednesday's trade after the renewable energy solutions provider - Suzlon Group - secured new orders. The company today announced new order wins for the development of 402 MW wind energy projects for Juniper Green Energy.
Suzlon will install a total of 134 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW for both projects at the Suzlon proposed site at Fatehgarh in Rajasthan, it said in a BSE filing.
"These are repeat orders from the customer for the company's larger rated 3 MW, S144‐140m turbines from the 3 MW product series. As part of the agreement, Suzlon will supply the wind turbines and execute the project including foundation, erection and commissioning. Suzlon will also undertake comprehensive operations and maintenance services post‐commissioning," the firm further stated.
Girish Tanti, Vice-Chairman at Suzlon Group, said, "Juniper Green Energy has been a long‐term, repeat customer for us, and we are delighted to partner with them again. This order helps us expand our footprint in Rajasthan. The electricity generated from these projects will help realise the vision of the Rajasthan government to serve the people of the state with green energy."
The stock saw heavy trading volume today as 38.57 lakh shares were last seen changing hands. The figure was higher than the two-week average volume of 21.07 lakh shares. Turnover on the counter came at Rs 17.48 crore, commanding a market capitalisation (m-cap) of Rs 62,890.65 crore. There were 8,46,123 lakh buy orders today against sell orders of nil shares.
Bourses BSE and NSE have put the securities of Suzlon under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
On technical setup, the counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The scrip's 14-day relative strength index (RSI) came at 55.18. A level below 30 is defined as oversold while a value above 70 is considered overbought.
"Suzlon is coming out of a long consolidation with strong volume. The overall structure is bullish as it trades above its all-important moving averages. On the upside, Rs 48 is an immediate resistance where it may see some pause, but above this, it is likely to head towards Rs 50 level. On the downside, Rs 40 is a major support for any correction. Rs 36-38 is the next critical demand zone," said Pravesh Gour, Senior Technical Analyst at Swastika Investmart.
The company's stock has a negative price-to-equity (P/E) ratio of 1541 against a price-to-book (P/B) value of 18.06. Earnings per share (EPS) stood at (-)0.03 with a return on equity of (-)1.16.
As of March 2024, promoters held a 13.29 per cent stake in the company.