On Tuesday, October 9, Suzlon Energy’s shares surged by 9.3%, reaching ₹80.59 each on the Bombay Stock Exchange (BSE). This increase followed the revision of the company’s stock price band from 5% to 10%. Investors looking to buy shares online have shown significant interest, as the stock has proven to be a multibagger, generating a remarkable return of 189% over the past year and a staggering 3,188% over five years.
Price band change boosts investor confidence
The price band revision comes after Suzlon Energy's removal from the Additional Surveillance Measure (ASM) framework. This decision has likely reassured investors and enhanced the stock's appeal. Many investors eager to buy shares online may find this shift encouraging.
Acquisition of Renom Energy Services
In August 2024, Suzlon Energy announced plans to acquire a 76% stake in Renom Energy Services for ₹660 crore, which will occur in two tranches. The initial tranche involves purchasing a 51% stake for ₹400 crore, with the second tranche scheduled to acquire an additional 25% within 18 months for ₹260 crore.
Renom Energy Services stands out as the largest multi-brand operations and maintenance service provider in India, maintaining assets of 1,782 MW in wind, 148 MW in solar, and 572 MW in Balance of Plant (BOP).
Major wind energy order from NTPC
In September, Suzlon Energy secured India’s largest wind energy order, valued at 1,166 MW, from NTPC Green Energy Ltd. The company plans to install 370 wind turbine generators (WTGs) of 3.15 MW each at two NTPC Renewable Energy Limited projects and one IndianOil NTPC Green Energy Pvt Ltd project in Gujarat. This order has propelled Suzlon’s cumulative order book to approximately 5 GW as of September 3, 2024.
Key takeaways
Investors interested in renewable energy can explore opportunities with Suzlon as they look to buy shares online, given the company’s growth and expanding market presence.
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