Suzlon’s share price went up by nearly 5% on Monday after the Ministry of New and Renewable Energy announced a new rule that encourages local sourcing of key components used in making wind turbines.
The price of Suzlon’s shares reached a high of Rs 57.65 each, up 4.68% during the day. The stock has been increasing for the past two days and has risen almost 6% during this time.
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According to Reports, the Ministry released a draft of the Revised List of Models & Manufacturers (RLMM) for wind turbines. This new rule requires important parts like blades, towers, gearboxes, and generators to be sourced from domestic suppliers, helping increase the use of local materials in making wind turbines.
Suzlon’s shares have gone up by more than 12% in the last two weeks, while the Sensex (India’s stock market index) has risen by 8.6% in the same time.
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On April 17, Suzlon also received an order from Sunsure Energy to supply 48 wind turbine generators for a project in Maharashtra’s Jath region. The turbines will have a capacity of 2.1 MW each and will use advanced Hybrid Lattice Towers.
Suzlon has now installed over 50GW of wind power, according to the company.
