Suzlon Energy shares jump 4%, hit fresh 52-week high. Here’s why!
Suzlon Energy rallied nearly 4% on Thursday after the company informed exchanges that its S144 wind turbine series has received RLMM listing from the Ministry of New and Renewable Energy (MNRE). The stock also hit a fresh 52-week high of Rs 42.
RLMM or Revised List of Models & Manufacturers listing is an important milestone required for the successful commercialisation of the product, the company filing said. S144 – 3 MW series of wind turbines are extendable to 3.15 MW.
Commenting on the development, JP Chalasani, Chief Executive Officer of the Suzlon Group said, “This listing comes at the right time after our S144 product received enthusiastic response from the market, evident from the strong order inflow.
Considering India's varied wind regimes and terrains, the S144 turbine is designed to make it customisable for the site‐specific requirements for higher PLFs (Plant Load Factor). The S144 – 3 MW series is a true testament to 'Make in India' and 'Aatmanirbhar Bharat' with 90% domestic content.
We believe that this product will go a long way in driving India’s renewable energy targets towards a more sustainable country”.
The price action was well supported by the volume action with over 4.16 crore shares trading on the NSE around 10:30 am.
Building upon its previous session gains, this multibagger stock has gained more than 8% and today's surge has taken the rally to an unbeaten five sessions.
On Wednesday, Suzlon Energy shares gained 5% reacting to its inclusion in the MSCI India index. It is among nine stocks that will be added to the index as a part of the MSCI rejig which comes into effect from November 30.
