Suzlon Energy in India saw its stock jump over 20% to a new 52-week high of INR14.59 ($0.20) on 7 June, extending its winning streak to the third consecutive day.
Suzlon Energy stock has increased by almost 86% in the last year. (Agencies)
Suzlon Energy shares climbed almost 20% in intraday trade to a new 52-week high of 14.59 before closing 18.03 percent higher at 14.40 on the BSE on Wednesday (June 7), extending their winning streak to the third consecutive day. The stock began at 12.57, up from the previous close of 12.20, then climbed 19.6 percent to reach a one-year high.
The stock has gained traction since the business declared on June 5 that it has reached the 20GW wind energy installations milestone, with 12,467 wind turbines placed across 17 countries across six continents. This cements Suzlon’s status as a major participant in the global wind energy sector
Crossing the 20GW threshold demonstrates Suzlon’s commitment and ability in the renewable energy market. I’d like to thank the Government of India for its progressive policy framework, as well as our diversified customer base of over 1,900 customers and vendor partners, for their unwavering support, without which this accomplishment would not have been possible. Suzlon’s 20 GW is a narrative of taking India to the world, with 5.9 GW of Indian Wind Turbines deployed across the world,” stated Girish Tanti, Vice Chairman, Suzlon Group.
“This milestone lays a solid foundation for us to build on in the coming years, and it is a true Aatmanirbhar Bharat moment, in which an Indian company is setting global standards with turbines made in India.” Suzlon’s journey from the first 270kW turbine in 1995 to the 3 MW turbine in 2023 will continue to excite future generations. “We remain committed to partnering with global and local players to accelerate the world’s energy transition journey,” Tanti stated.
On May 30, the business announced its March quarter scorecard, which showed a consolidated net profit of 279.89 crore for Q4FY23, compared to a loss of 204.29 crore in the previous fiscal year’s comparable quarter.