Suzlon Energy shares trade above ₹50 after 3.7 crore shares changed hands in block deal

According to the data available from the stock exchanges, as many as 3.7 crore shares, or 0.3% of the company's total equity, changed hands in a block deal. The total transaction amounted to ₹179 crore. However, the buyers and sellers in the large trade were not known immediately.

Suzlon Energy's stock price has been on a roll in the last year. The stock has rallied over 249% in the past year and 29% this year so far.

At the current market price, the stock has jumped by a whopping 249% from its 52-week low of ₹13.25 which it hit on June 23 last year.

Suzlon Energy stock has been rising along with several other stocks from the renewable energy space, buoyed by the government’s focus on green energy and reducing carbon footprint.

India is moving full throttle towards the goal of reducing carbon emissions and cutting its dependence on fossil fuels.

India aspires to achieve the goal of having 50% of its electricity generation from non-fossil fuels by 2030. The country aims to achieve the goal of ‘net zero’ by 2070.

The pursuit of this ambitious target has made the government aggressively focus on clean energy.

The government has provided capital subsidies and incentives, such as adding solar supply chains to the Production Linked Incentive (PLI) scheme, to boost the sector. The government has also taken several proactive measures, such as creating dedicated nodal agencies, to mitigate the challenges the renewable energy sector is facing.

All these factors have raised investors' interest in leading players in the renewable energy sector, like Suzlon Energy.

Large players like Suzlon which has a market capitalisation of about ₹70,000 crore are expected to grow at a faster pace due to having significant market share and a healthy balance sheet.

Shares of Suzlon Energy were trading 3.39% higher at ₹50.56 apiece on the NSE at 3:15 pm.