Suzlon Energy Shares Top Gainers on Nifty 500, Soaring to ₹79.7 After Price Band Revised to 10%

Suzlon share price jumped by as much as 8.5% on Wednesday, October 9, marking the second consecutive day of gains. On Tuesday, the wind energy company increased its price band from 5% to 10%. After a decline of up to 6.8% on Tuesday, the stock recovered, finishing with nearly 4% gains. On October 09, 2024, Suzlon’s share price opened at ₹74.59, touching the day’s highest price of ₹80.60 as of 12:50 PM. 

With this increase, Suzlon is now the top performer on the Nifty 500 index. The company’s shares ended an 8th-day losing streak on Tuesday, rising back to around ₹84.7, which is the recent high reached on September 16.

The price band revision followed the stock’s removal from the Additional Surveillance Measure (ASM) framework. Suzlon was excluded from Stage 1 ASM on September 20. The stock was previously placed under this regulation due to concerns over its volatility based on factors like price variations and client concentration.

Being removed from the ASM framework indicates reduced price manipulation or volatility concerns. 

Recent Developments

Suzlon Group recently announced that it has secured the biggest wind energy order in the country from NTPC Green Energy Limited, which is part of NTPC, India’s largest energy company. The order is for 1,166 MW and involves installing 370 wind turbine generators (WTGs) of the S144 model, each with a capacity of 3.15 MW. These turbines will be used in two projects run by NTPC Renewable Energy Limited, a subsidiary of NTPC Green Energy Limited, and one project by IndianOil NTPC Green Energy Pvt. Ltd., also part of NGEL, located in Gujarat. With this order, Suzlon’s total order book has reached nearly 5 GW as of September 3, 2024.

Suzlon Energy has acquired 51% of Renom Energy Services, making it a subsidiary of the Company as of September 6, 2024. This follows a previous announcement made on August 6, 2024.

About Suzlon Energy Ltd

Suzlon is a top global provider of renewable energy solutions. The company manufactures Wind Turbine Generators (WTGs) and handles the installation operation and maintenance (O&M) for all its sales. Its operations include designing, developing, and producing major components like rotor blades, towers, generators, control systems, gears, and nacelles.

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