Suzlon Energy stock price skyrocketed to a 14-year high of Rs 80.40 on the BSE on Monday, marking its fourth consecutive session at the upper circuit limit. This significant rally follows the company’s announcement of acquiring a 76% stake in Renom Energy Services Pvt., the largest multi-brand operations and maintenance service provider in the country.
The acquisition is expected to strengthen Suzlon’s position in the renewable energy sector, with Renom Energy’s 2.5-gigawatt assets under maintenance, including 1,782 megawatts in wind, 148 megawatts in solar, and 572 megawatts in BOP.
Suzlon’s stock has seen a remarkable surge, gaining 21% in the last four sessions, 110.37% year-to-date, and 227.33% in the last 12 months.
The acquisition is seen as a strategic move by Suzlon to expand its services portfolio and tap into the growing renewable energy market.
