Suzlon Energy surges over 60% in eleven days

The stock rallied 63% from Rs 6.93 on Oct.10 compared to 3.5% rise in benchmark index.

Suzlon Energy is locked in upper circuit of 5% at Rs 11.29 extending its past ten days rally on the Bombay Stock Exchange (BSE) with no sellers are seen on the counter.

A combined 1.75 million shares have already changed hands on the counter and there are pending buy orders for nearly 5 million shares on the BSE and NSE at 1110 hours.

Shares of wind turbine maker have outperformed the market, surging 63% from Rs 6.93 on October 10 compared to 3.5% rise in benchmark index.

On October 8, Suzlon Energy’s arm REpower today said it has launched its 3-MW turbine in the Canadian market.

The new turbine type is designed especially for the specific conditions encountered at low—wind locations, the company said in a statement, adding that the first variant will go on sale in Canada in late 2013. The prototype is to be erected in the first quarter of 2015.

On October 14, Suzlon Energy announced that the group won a 65 megawatt (MW) project in Uruguay. The project, located in the southern Department of Colonia in Uruguay, is developed by Rouar S.A., a unique joint venture between UTE - Uruguay's state-owned utility, and Brazilian utility Eletrobras - the largest in Latin America, the company said in a statement.

As per the deal, Suzlon will supply 31 units of the S95 - 2.1 MW wind turbines for the project. Suzlon will be responsible for full EPC delivery for the project, scheduled for completion in September 2014, the company said.