Shares of this renewable energy company jumped 3 percent on Monday after the company is set to be included in the BSE Power index. Year-to-date, the company’s shares have delivered multibagger returns of approximately 280 percent to its stakeholders.
With a market capitalization of Rs 53,079 crores, the shares of Suzlon Energy Ltd started Monday’s trading session positively at Rs. 41, gaining around 3 percent compared to its previous close at Rs. 39.40. The shares closed the day at Rs. 40.10 apiece.
According to reports, BSE announced several changes in the indices including S&P BSE Power, Auto, Metal, Capital Goods, Realty, and PSU. Focusing on the S&P BSE Power index, Suzlon Energy is one of the stocks that is set to be included in the index. Last month, Suzlon Energy was also added by Morgan Stanley Capital International to its ‘MSCI Global Standard Index’.
In addition, the well-known investment bank BlackRock increased its equity holding marginally, i.e., by 0.02 percent through the acquisition of about 24.73 lakh shares. Previously, the investment bank already held 68.02 lakh shares i.e., 4.99 percent of the total share capital.
Having a look at the latest financial statements published by the company, the operating revenues as well as net profits have shown positive movements.
The revenue increased by 5 percent from Rs. 1,348 crores during the June quarter to Rs. 1,348 crores in the September quarter. Furthermore, the net profits marginally increased from Rs. 101 crores to Rs. 102 crores during the same period.
As of September 30, 2023, the company has a well-diversified and healthy order book of 1,613 MW. The company is open to acquiring wind projects from other manufacturers and expanding into multi-make models. They aim to add 4.5 to 5 gigawatts in FY24 and 6 to 7 gigawatts in FY25.
Incorporated in 1995, Suzlon Energy Ltd is engaged in the business of manufacturing wind turbine generators and related components with a presence in more than 15 countries across Asia, Australia, Europe, Africa, and America.
Written By Vaibhav Patil
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