Amidst a significant drop in the stock market, there is a growing interest in purchasing penny stocks.
One such stock gaining attention is Suzlon Energy.
The shares of this renewable energy solutions provider company saw an increase of over 4 percent in Wednesday’s trading.
Currently, the company’s shares are trading at Rs. 8.55. The surge in stock value can be attributed to a recent order received by Suzlon Energy.
Details of the Order
Suzlon Energy recently announced that it has secured an order from Vibrant Energy for 33 Wind Turbine Generators (WTGs) for a 99 MW wind power project.
The company expects the project to be operational by FY25, with the potential to provide electricity to 307,000 homes and reduce CO2 emissions by 2.92 lakh tonnes annually.
Suzlon Energy will not only supply the wind turbines but also handle the construction, commissioning, and comprehensive operation and maintenance of the project.
Stock Performance
Over the past three years, Suzlon Energy’s stock has yielded a return of up to 260% for investors.
However, long-term investors have experienced losses.
The stock, which was valued at Rs. 375 in January 2008, is now trading below Rs. 9, marking a loss of up to 98% over a span of 14 years.
The stock’s 52-week low is Rs. 5.43, reached on July 28, 2022, while its highest point in the past year was Rs.
12.19 on December 20, 2022. The current market capitalization of the company stands at Rs. 10,258.28 crore.
Company’s Financials
Suzlon Energy has not yet released its financial results for the March quarter.
However, in the December quarter, the company reported revenue of Rs. 910.77 crore, along with a net loss of Rs. 88.24 crore.
The promoters hold a 14.50% stake in the company, while the remaining 85.50% is held by the public.
