Stock Under Rs 23: Multibagger Power Sector Stock Hits Upper Circuit On Order Win

Shares of mid cap power sector stock priced under Rs 23, Suzlon Energy on Friday hit upper circuit as the company bagged a new order. The company bagged a 201.6 MW order from O2 Power Private Limited (Teq Green Power XI Private Limited). Last trading price of Suzlon Energy share is Rs 22.38 apiece with the gain of 4.14%. Suzlon Energy shares rallied 128% in last 3-months.

According to the BSE filing, Suzlon Group today announced a new order acquisition for its 3 MW series of wind turbines from Teq Green Power XI Private Limited, part of O2 Power Private Limited. Suzlon will install 64 of its largest wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each for the 201.6 MW wind power project. The project is expected to be commissioned in 2025.

Suzlon will supply the wind turbines (equipment supply) and execute the project including erection and commissioning. Suzlon will also provide operation and maintenance services post‐commissioning.

Girish Tanti, Vice Chairman, Suzlon Group said, "We are delighted to welcome Teq Green Power XI Private Limited, part of O2 Power Private Limited as our esteemed customer through this project. As corporate India embraces renewable energy and India's ambitions to be carbon neutral, we are committed to partnering with them every step of the way. With an extremely conducive policy environment this order from Teq Green Power XI Private Limited is a testament of India Inc's commitment to building a sustainable India."

JP Chalasani, Chief Executive Officer, Suzlon Group said, "We are happy to announce our first order from Teq Green Power XI Private Limited, part of O2 Power Private Limited. With increasing commitment to renewables and rising demand, it is heartening to see more customers joining the Suzlon family. At Suzlon our customers are at the heart of everything we do. This order demonstrates the trust that customers have in Suzlon's expertise as well as our 3 MW series of products."

Suzlon Stock Performance & Return: Last trading price of Suzlon Energy stock is Rs 22.38 on BSE. Its 52-week high price is Rs 22.86 apiece and 52-week low price is Rs 6.60 apiece, respectively. It has a market capitalisation of Rs 30,356.37 crore. Suzlon Energy shares rallied 165% in last 6-months, gained 188% in last 1-year, jumped 299% in last 2-years, and rose 519% in last 3-years.

Suzlon Financial Outlook: The company for the quarter ended June 30, 2023 announced its consolidated total income at Rs 1361.68 crore, down 19.90% as against its last quarter total income of Rs 1699.96 crore. It declared its recent quarter net profit after tax at Rs 100.90 crore.

Disclaimer: The stock hits upper circuit after it bagged new order. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.