Suzlon gets 50.4 MW repeat order from Gujarat; shares up over 3%

Suzlon Energy informed the BSE on monday morning that it had received a 50.40 MW repeat order from a "leading power utility" in Gujarat. 

In a statement, it told the bourse, that "the project consists of 24 units of S97 120m hybrid tower with a rated capacity of 2.1 MW."

Suzlon said it will complete the order by March 2017. 

"Suzlon will execute the entire project on a turnkey basis and will also provide operation and maintenance services for an initial period of 14 years through an integrated service package. The project has the potential to provide power to over 27,000 households and reduce 0.10 million tonnes of CO2 emissions per annum," the statement said. 

Commenting on the repeat order, J P Chalasani, Group CEO, Suzlon Group, said, "We are please to partner this leading power utility yet again in meeting their commitments of providing sustainable and affordable energy."

After the news, Suzlon's shares were up over 3% but later cooled slightly and were trading at Rs 17.71, up Rs 0.36 apiece or 2.07% from previous close. The shares had hit an intraday high of Rs 17.97 per share.