New Delhi: Suzlon Energy shares have been on the downside in the recent times. However, a turnaround is expected as the company has secured a deal with ArcelorMittal Group. The Suzlon share price gained after the company received a wind power order of 248.85 MW from the ArcelorMittal Group. At the time of writing this article the stock was trading with 3.41 per cent gain at 47.23. The company informed BSE that this is the first wind energy order received from ArcelorMittal, which is considered an important achievement for Suzlon’s industrial renewable portfolio.
This order is part of the ongoing 550 MW hybrid renewable project in Gujarat. Under this, Suzlon will supply wind power to ArcelorMittal Nippon Steel’s plants in India for captive use. Captive use means that the electricity generated will be used directly by the company. This will reduce dependence on conventional energy and reduce cost as well as carbon footprint.
Suzlon Business
With this deal Suzlon’s contribution to the green steel segment has increased to about 1,156 MW. This is the company’s fourth major wind order towards decarbonization of the steel sector. Suzlon said that it remains the largest wind energy company in Gujarat. The installed capacity of the company in the state is about 4.5 GW, which is constantly increasing. In the last one year, Suzlon has partnered with many big steel makers to promote clean and sustainable steel production.
Suzlon share price target
The stock has gained around 1.68 percent in the last one week. At the same time, it has declined by about 12.27 percent in the last three months and in the last one year the stock has slipped by about 6.19 percent. Brokerage firm Anand Rathi has recommended buying shares of Suzlon Energy and set a target price of Rs 82.
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