LIC-backed multibagger wind energy stock at Rs 47.61 hit upper circuit as company bags orders of 1,035.15 MW for its 3 MW series in just 10 days! (2024)

The stock gave multibagger returns of 300 per cent in 1 year and a whopping 800 per cent in 3 years.

On Friday, the Indian benchmark indices ended the day in green with the BSE Sensex Index up 0.10 per cent while the NSE Nifty-50 Index is up 0.19 per cent. Along with the market in green, one multibagger stock was locked in a 5 per cent upper circuit to Rs 47.61 per share from its previous closing of Rs 46.36 per share. The stock’s 52-week high is Rs 50.72 and its 52-week low is Rs 10.86. The stock gave multibagger returns of 300 per cent in 1 year and a whopping 800 per cent in 3 years.

The buzzing stock name is SUZLON ENERGY LTD.

Suzlon Group, India's leading renewable energy company, has secured significant orders for wind power projects totalling over 1,035.15 MW. These projects will utilize Suzlon's advanced 3 MW wind turbine generators with a capacity of 3.15 MW each.

The first order comes from Oyster Green Hybrid One Private Limited for an 81.9 MW project in Agar, Madhya Pradesh. Suzlon will supply and install 26 wind turbines with Hybrid Lattice Tubular towers. The electricity generated will be supplied to commercial and industrial consumers under a captive power model. This project is estimated to provide clean power to approximately 67,000 households and reduce carbon dioxide emissions by 2.66 lakh tonnes annually.

Suzlon has also secured a massive 551.25 MW order from Aditya Birla Group, a prominent Indian conglomerate. This project involves installing 175 wind turbines across two locations: Barmer district in Rajasthan and Bhuj district in Gujarat. The wind power generated will be used by Aditya Birla Group companies for their internal consumption. This project is expected to provide electricity to around 4.54 lakh households and offset 17.92 lakh tonnes of carbon dioxide emissions per year.

Additionally, Suzlon received new orders for 402 MW wind power projects from Juniper Green Energy. These projects will be located at the Fatehgarh site in Rajasthan and will utilize a total of 134 wind turbines. The generated power will be supplied under a mix of Firm and Dispatchable Renewable Energy (FDRE) Hybrid and Merchant models. This project is estimated to provide clean energy for approximately 3.31 lakh households and reduce carbon dioxide emissions by 13.07 lakh tonnes annually.

These new orders solidify Suzlon's position as a major player in India's renewable energy sector and its commitment to providing clean and sustainable power solutions.

Also Read:Vijay Kedia gains Rs 12,06,05,760 from this multibagger engineering stock in just 1 day as the company reports a 197 per cent jump in net profit

Suzlon is one of the leading global renewable energy solutions providers. It is a vertically integrated WTG manufacturer. It also undertakes installation and O&M of all WTG sales. Operations include design development and manufacturing of all major components, including rotor blades, tubular towers, generators, control equipment, gears and nacelles. Apart from manufacturing, it offers a full gamut of wind project planning and execution services, including wind resource assessment, infrastructure and power evacuation, technical planning and execution of wind power projects. It also offers O&M services in India and overseas countries.

Suzlon Energy Ltd, a leading renewable energy powerhouse with a market cap exceeding Rs 64,000 crore, cements its dominance by joining the prestigious ranks of both the BSE Mid-Cap and Power Indices. The company has an order book of 2.9 gigawatts as of March 31, 2024. And including the above 3 orders the company order book now stands over 3.9 gigawatts.

In March 2024, Foreign institutional investors (FIIs) bought over 171 crore shares and increased their stake to 19.57 per cent and Domestic Institutional Investors (DIIs) increased their stake to 6.30 per cent compared to 7.64 per cent and 5.55 per cent respectively in March 2023. Currently, promoters own a 13.28 per cent stake, FIIs own a 19.57 per cent stake, DIIs own a 6.30 per cent stake and the public owns a 60.85 per cent stake in the company.

Disclaimer: The article is for informational purposes only and not investment advice.

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