Suzlon Energy shares rose over 9% to Rs 80.47 during Wednesday’s trading session on the BSE, driven by reports that the company is vying for bids to supply wind turbines to Tata Power. This increased interest follows Tata Power’s call for bids to supply turbines with a total capacity of 3 gigawatts, expected to invigorate the wind energy market and heighten competition among suppliers.
Key players in the bidding process include notable wind turbine manufacturers like Siemens Gamesa, Senvion India, Envision Energy, and Suzlon Energy. Tata Power’s large-scale order for wind turbines is viewed as a significant move to bolster India’s renewable energy sector. The competition generated by this bidding process may lead to the development of more cost-effective and efficient wind energy solutions.
Despite the positive momentum, Suzlon Energy recently received advisory warning letters from both the NSE and BSE concerning the resignation of Independent Director Marc Desaedeleer. His resignation raised concerns regarding the company’s corporate governance standards, particularly regarding the transparency and openness of communications.
As of 11:06 AM, Suzlon’s stock was trading at Rs 80.26, reflecting a 9% increase. The stock has surged by 109% in 2024 and 950% over the past two years, currently holding a market capitalization of Rs 1,09,663 crore.
From a technical standpoint, the stock’s relative strength index (RSI) stands at 40.7. An RSI below 30 indicates that a stock may be oversold, while an RSI above 70 suggests it may be overbought. Additionally, Suzlon shares are performing well, trading above several key simple moving averages (SMAs).
