SHARE MARKET LATEST NEWS- Suzlon shares gain 5% on draft notification promoting local sourcing of wind turbine components
Suzlon shares gained almost 5% on Monday with draft notification mandating increase in domestic content usage in the wind turbine production.
Suzlon share price gained nearly 5 percent on Monday on the back of draft notification by the Ministry of New and Renewable Energy mandating the local sourcing of key components used in the manufacturing of wind turbines.
Shares of Suzlon Energy surged to an intraday high of Rs 57.65 per share on the NSE, advancing 4.68 percent intraday. The stock has been rising for the last two trading sessions and is up nearly 6 percent in the period.
According to a report on CNBC-TV18, the ministry released the draft for Revised List of Models & Manufacturers (RLMM) for wind turbine models.
This move aims to increase domestic content usage in the wind turbine production and also makes it mandatory to have blades, towers, gear box and generators procured compulsorily from domestic vendors, the report added.
Suzlon shares are up over 12 percent in the last two weeks, according to the data available on the BSE Analytics. In comparison, the Sensex has advanced 8.6 percent in the same period.
Earlier on April 17, the renewable energy solutions provider recently bagged an order from Sunsure Energy. The project is set to be executed in Maharashtra’s Jath region. As part of this agreement, Suzlon will supply 48 advanced S120 wind turbine generators (WTGs) featuring Hybrid Lattice Towers (HLTs), each bearing a capacity of 2.1 MW.
The company has added 50GW of wind installations, it said.
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