Suzlon Energy shares tumble 5% despite order win from EDF Renewables

Shares of Suzlon Energy Ltd fell nearly 5% in early deals today despite the renewable energy firm stating that it won an order for the development of a 30 MW wind power project from global company EDF Renewables. Suzlon will install 10 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each. The project is located in Gujarat. However, Suzlon Energy shares fell 4.93% to Rs 41 on BSE today.

In the current session, Suzlon Energy stock opened lower at Rs 42.90 against the previous close of Rs 43.13. Market cap of the firm fell to Rs 57,004 crore.

Total 14.08 lakh shares of Suzlon Energy changed hands amounting to a turnover of Rs 5.88 crore on BSE. Suzlon Energy shares have a beta of 0.6, indicating low volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 43.6, signaling it's trading neither in the overbought nor in the oversold zone.

Suzlon Energy stock is trading higher than the 100 day, 150 day, 200 day but lower than the 5 day, 10 day, 20 day, 30 day, 50 day moving averages.

Suzlon Energy shares fell to a 52-week low of Rs 6.96 on March 28, 2023.

This is a repeat order for the company's largest turbine series, S144-140m with a rating of 3 MW. Suzlon will execute the project with a scope of supply, supervision, erection and commissioning. Suzlon will also undertake post-commissioning operations and maintenance services.

JP Chalasani, Chief Executive Officer, Suzlon Group, said, “EDF Renewables is a highly reputed global power company with an established track record in renewable energy. Therefore, receiving an order from them is a matter of pride for us. This order is a testament to the quality and reliability of our technology and service solutions. The power generated from this project will serve the people of Gujarat with clean, green, renewable power. Suzlon is committed to serving our customers’ green portfolios and the nation with our proven technology, extensive experience, and service excellence.”

Suzlon Energy reported a 160 per cent rise in its Q3 profit at Rs 203.2 crore against Rs 69.8 crore in the year ago period. The manufacturer of wind turbines reported a 7 per cent YoY rise in revenue at Rs 1,560.5 crore.

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.