Shares of Suzlon Energy settled more than 8 percent higher in Tuesday's trade on NSE to hit a 52-week high of Rs 12.38 apiece after the renewable energy solutions company ​become the first Indian wind energy firm to surpass 20 GW in wind energy installations. At 1.56 pm, the scrip was trading 4.82 percent higher at Rs 11.95 apiece on the NSE. The stock has also rallied 40 percent in the last one month, while it has surged 57 percent in the past one year.

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In the last session, the stock ended over 4 percent higher at Rs 11.50. Market capitalization of the company rose to Rs 13,348 crore.

In terms of technicals, the relative strength index (RSI) of the stock is at 73.3. RSI above 70 is considered overbought, this implies that stock may show pullback, according to data from Trendlyne. Moving average convergence or divergence (MACD, or MAC-D) is at 0.6, which is above its center and signal Line, this is a bullish indicator.

The stock has a beta of 1.5, indicating very high volatility in a year. Suzlon Energy shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The company said 20 GW wind energy installations were accomplished through the deployment of 12,647 wind turbines across 17 countries, spanning six continents. Suzlon holds a 33 percent share of India's cumulative wind energy installations.

"Suzlon Group has crossed the 20GW wind energy installations milestone through 12,467 wind turbines installed across 17 countries, spanning six continents, solidifying Suzlon's position as a significant player in the global wind energy landscape," a company said in a statement.

Suzlon said the 20-GW wind energy installations were sufficient to supply green electricity to over 13 million Indian households.

"Crossing the 20GW mark is a testament to Suzlon's dedication and expertise in the renewable energy industry...With 5.9 GW of Indian Wind Turbines installed across the globe, Suzlon's 20 GW is a story of taking India to the world," said Suzlon Group Vice Chairman Girish Tanti.

“Suzlon's journey from the first turbine of 270kW in 1995 to 3 MW turbine in 2023 will continue to inspire generations to come,” Tanti added.

The company has posted a consolidated net profit of Rs 320 crore for the March quarter on lower expenses. The company had posted a consolidated net loss of Rs 205.52 crore in the year-ago period.

Its consolidated net profit for FY23 stood at Rs 2,852 crore against a net loss of Rs 258 crore in FY22.

Meanwhile, its total income for the March quarter fell 31% to Rs 1700 crore against Rs 2478 crore in the year-ago period. Total income for FY23 was down 9% at Rs 5990 crore.

In a financial presentation uploaded on the BSE, the company said that its net worth has turned positive at Rs 1,099 crores after a decade and there is a substantial reduction of debt due to rights issue and refinancing accomplished during FY23.

First Published:Jun 6, 2023 2:19 PM IST