Suzlon Energy Shares Rise Nearly 13% in 2 Days: What’s Behind the Rebound?

Suzlon Energy shares have regained momentum after a brief dip, jumping 13.5% over the past two days. On Wednesday, October 9, the stock surged by 9.5% to ₹80.60, nearing its recent high of ₹86.

This recovery comes after the stock ended an eight-day losing streak on Tuesday with a 4% gain. The boost followed the removal of Suzlon from the Additional Surveillance Measure (ASM) framework, which reduced concerns about stock price manipulation or volatility. After this change, the stock’s upper trading limit was raised from 5% to 10%.

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A media report further lifted investor confidence, suggesting that Suzlon is competing for a major contract to supply wind turbines to Tata Power. Tata Power is reportedly looking for over 3 gigawatts (GW) of wind turbines for its renewable energy projects across the country in the next three to five years. Other companies vying for the contract include Siemens Gamesa, Senvion India, and Envision Energy.

Suzlon is also aiming to expand its renewable energy offerings to other Tata Group companies, including Tata Steel. In early September, Suzlon secured a significant order from NTPC Green Energy for 370 wind turbine generators (WTGs) using its S144 model. These turbines, which are among the largest in India, have a maximum capacity of 3.15 MW and a hub height that can reach 160 meters, making them the tallest in the country.

Since March 2023, Suzlon’s stock has skyrocketed by 882%, driven by strong financial performance, a focus on reducing debt, and winning major orders. As of Q1 FY25, Suzlon’s order book stands at a record 3.8 GW, boosting its market capitalization to over ₹1 lakh crore in August.