Shares of Suzlon Energy are locked in an upper circuit of another 5 percent, extending its gains for the fourth day in a row. The stock has now gained in eight out of the last nine trading sessions.

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The stock has also seen multiple large trades taking place today. Over 90 million shares of the company, or 1 percent of the total equity, exchanged hands in a block deal. Buyers and sellers in the transaction, valued at Rs 232 crore, are unclear as of now.

Suzlon Energy Ltd., which has been winning a slew of orders, recently shared an update for an order it won back in 2018.

Both Suzlon and Avikiran Solar India Pvt. Ltd. have decided to downsize a project in Kutch, Gujarat, to 168 MW from 285 MW earlier. The company attributed the downsizing of the order to the impact of the COVID-19 pandemic and the resultant disruption of the global supply chain.

Suzlon had won various orders in May 2018, including a 285 MW wind power project in Kutch from Avikiran Solar. The order was won under a Solar Energy Corporation of India (SECI 4) bid.

The company last week won a 201.6 MW order from O2 Power Pvt. Ltd. for its 3 MW series of wind turbines. The order is touted to be one of the largest orders of the new Suzlon 3 MW series turbine.

As per the order, Suzlon will supply 64 of their largest wind turbines with a rated capacity of 3.15 MW each for the 201.6 MW wind power project.

Shares of Suzlon have more than quadrupled from their 52-week low of Rs 6.6. The stock was locked in a 5 percent upper circuit on Tuesday, ending at Rs 24.65.

Shares have more than doubled so far in 2023, rising 130 percent, while over the last 12 months, those returns have gone up to 227 percent.

However, the stock is nearly 90 percent below its all-time high which is well above Rs 300, that it hit back in 2007 before the global financial crisis.

First Published:Aug 30, 2023 7:56 AM IST