Suzlon Energy shares jump over 9%; here is why

Shares of the company have given a multibagger return in the past 12 months. The stock has jumped 189% in one year and 3,188% over the last five years. 

The price band has been revised after the stock was removed from the Additional Surveillance Measure (ASM) framework.

The first tranche involves the acquisition of a 51% stake for a consideration of ₹400 crore, a company statement said, adding that in the second tranche, it will acquire an additional 25% stake within 18 months from the acquisition of the first tranche for a consideration of ₹260 crore.

Renom is the largest multi-brand operations and maintenance service provider in the country, with assets of 1,782 MW in wind, 148 MW in solar, and 572 MW in BOP under maintenance across customer segments, it stated.

The closure of the transaction is subject to the completion of certain condition precedents, it informed.

In September, the renewable energy solutions provider said it has bagged India's largest wind energy order of 1,166 MW from NTPC Green Energy Ltd.

Suzlon will install a total of 370 wind turbine generators (WTGs) of S144 equipped with a hybrid lattice tubular (HLT) tower and a rated capacity of 3.15 MW each at two projects of NTPC Renewable Energy Limited (a wholly-owned subsidiary of NGEL) and one project of IndianOil NTPC Green Energy Pvt Ltd (a group company of NGEL) in Gujarat, a company statement said.

This order win takes Suzlon's cumulative order book to around 5 GW as of September 3, 2024.