Why Suzlon's Shares Are Rocketing 10% From Day's Low Today

Suzlon’s share price which was trailing in the red on Thursday morning jumped up sharply going up close to 10% from the day’s low of ₹33.90.

What Happened: The company on Thursday morning announced securing an additional order of 193.2 megawatts from The KP Group. According to the press release, Suzlon will deliver 92 wind turbines, each possessing a rated capacity of 2.1 megawatts, for a project in the Bharuch district, Gujarat.

This initiative forms a part of the Wind-Solar Hybrid and State Transmission Utility’s (STU) tariff-based project, which is designed to enhance the state’s renewable energy output. The project could provide power to approximately 1.25 lakh households, curbing CO2 emissions by around 4.96 lakh tonnes annually.

The KP Group, earlier in the year in July, had placed an order of 47.6 megawatts with the wind energy giant. The project is also located in the Bharuch district of Gujarat.

Last week, the company announced winning a contract to supply power to a prominent firm in Gujarat. As per the contract, Suzlon agreed to install 32 wind turbine generators with a hybrid lattice tubular (HLT) tower, each with a rated capacity of 3.15 megawatts, for a 100.8-megawatt wind power project.

Price Action: Suzlon’s share price was up 3.79% to trade at ₹37 on Thursday morning.

(The article is published under a mutual content partnership arrangement between The Free Press Journal and Benzinga)