Suzlon Energy Ltd. and Integrum Energy Infrastructure Ltd have received contracts for wind energy projects totaling 100 MW by the state-run Bharat Petroleum Corporation Ltd (BPCL).
By awarding two 50 MW wind energy projects, one in Madhya Pradesh and one in Maharashtra, BPCL stated on its social media profile on “X” that this is a milestone towards its green energy transformation.
Suzlon Energy and Integrum Energy Order Details
According to multiple reports, Suzlon Energy has been awarded the Madhya Pradesh project. Similarly Integrum Energy has been awarded the Maharashtra project.
To fulfill the captive power requirements of BPCL’s Bina and Mumbai Refineries, these projects would help the company transition to clean, renewable energy sources and drastically reduce its dependence on fossil fuels,” BPCL noted on “X.”
BPCL is aiming for Net Zero Energy company in Scope 1 & Scope 2 emissions by 2040, BPCL is working toward a 10 GW clean energy portfolio by that time as part of its renewable energy roadmap.
Although BPCL’s official handle on “X” includes this information, neither Suzlon nor BPCL have posted it on the stock exchanges.
Suzlon Energy Order Details
Last month, Suzlon Energy also received another 378 MW order from NTPC Green Energy Ltd, which currently is the company’s biggest partnership. With this new order, Suzlon has strengthened its portfolio.
Backed by strong order book of 5622 MW, Suzlon Energy is poised for significant growth in the future
Suzlon Energy Share Price and Performance
The Shares of Suzlon Energy (NSE: SUZLON) closed 0.41% lower despite the new order. Suzlon shares are currently trading at Rs 52.93 on NSE. Talking about its share performance, the stock has experienced a 6.58% decline in the last 5 trading sessions and 14.85% in the last 6 months. However, Suzlon Energy has delivered a positive return of 35.72% in the last one year.
Also Read: Suzlon Share Price Target 2025-2050
Why Suzlon Share is Falling?
Suzlon shares experienced selling pressure in the early trading session as indo-pak war tension is going on. The stock failed to recover and closed with a marginal fall of 0.41% at Rs 52.93.
Despite the fresh order wins, the stock price fell. There are several reasons due to which Suzlon Energy stock price declined.
Factors Influencing Suzlon’s Share Price
Firstly, the ongoing India-Pakistan war tension, weak market sentiment, global market trend, selling pressure, sectoral volatility as well as investors sentiment are some of the main reasons due to which Suzlon’s share experienced this fall in stock price.
Future Outlook for Suzlon Share
Suzlon Energy shares are hovering around the Rs 50-55 price range. The stock is facing a strong resistance at Rs 55 while 52.50 level is acting as a support zone. However investors should closely monitor the Rs 50 level which is acting as a strong support for the stock.
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