There were 25,67,700 buy orders and 11,894 sell orders for Suzlon Energy stock. On the BSE, the stock increased 4.98 percent to Rs 41.13. With this, the stock has increased by 305% over the previous six months.
In addition to making a similar move the day before, Suzlon Energy Ltd.’s shares reached their 5% upper circuit limit in Friday’s trade, increasing their one-month gains to 29%. As of 9:40 a.m., there were 25,67,700 buy orders and 11,894 sell orders for Suzlon Energy stock. On the BSE, the stock increased 4.98 percent to Rs 41.13. With this, the stock has increased by 305% over the previous six months.
The company recently indicated that its focus would remain on high value quality orders, resulting in better margins, which contributed to the recent surge in the stock. Analysts noted that Suzlon Energy anticipates adding 3–4 GW annually in FY24E and 5–6 GW annually in FY25E.
Analysts observed that 62% of Suzlon Energy’s 1.6 GW order book, as of the end of the September quarter, was made up of 3.x MW turbines. Following the first day of the JM Financial India Conference in 2023, JM Financial announced that the supply of these turbines would start in the March quarter of 2024.
According to JM Financial, the management of Suzlon Energy was concentrating on non-EPC orders and contracts for operations and maintenance services (O&M). The Commercial & Industrial (C&I) segment accounted for a larger share of orders in the September quarter (64% compared to 5% in the June quarter) due to increased activity in this segment.
Analysts pointed out that Suzlon had previously undergone a restructuring exercise as a result of not being able to pay its debts in full, but it refinanced its current debt and converted all of its outstanding compulsorily convertible preference shares (CCPS) and optionally convertible debentures (OCDs). It finished a qualified institutional placement worth Rs 2,000 crore in August after releasing with rights worth Rs 1,200 crore. This assisted in reducing debt and interest expenses.