Suzlon Energy Shares Hit 5% Upper Circuit After Morgan Stanley Maintains ‘Overweight’
At the current level, Suzlon Energy shares are trading higher than the target price of Rs 73, assigned by the brokerage.
Suzlon Energy shares rose 5% in the early deals on Wednesday to hit the upper circuit at Rs 81.95 apiece on the BSE. The shares had gained more than 4% on Tuesday after Morgan Stanley maintained an 'Overweight' rating on the stock following a significant 1.17 GW order win from NTPC.
At the current level, Suzlon Energy shares are trading higher than the target price of Rs 73, assigned by the brokerage.
The stock opened higher at Rs 79 apiece on the BSE and gained further to hit the day's high, freezing in the upper circuit at Rs 81.95 a piece.
The PSU contract is a big breakthrough for the company as it was earlier ineligible to bid due to its negative worth.
In an exchange filing on September 9, Suzlon Energy announced that it secured "India’s largest wind energy order " from NTPC Green Energy Limited, the renewable arms of NTPC, for 1,166 MW.
As part of the contract, Suzlon will install 370 wind turbine generators (WTGs) of S144, featuring a hybrid lattice tubular (HLT) tower, each with a rated capacity of 3.15 MW. These turbines will serve two projects for NTPC Renewable Energy and one for Indian Oil NTPC Green Energy Pvt Ltd in Gujarat.
Suzlon Energy will also be responsible for the erection and commissioning in Gujarat as well as undertake operations and maintenance services post‐commissioning.
This is also Suzlon's largest-ever cumulative order book close to 5GW as of September 3.
Suzlon Energy shares have traded upwardly, gaining as much as 110% in the last 6 months. On a year-to-date basis, the stock is up over 112% in 2024 so far, while it has gained more than 240.75% in the past one year.
