India's Suzlon Energy gains on approving 76% stake buy in Renom Energy

Suzlon Energy

07/08/2024 06:16

** Shares of Suzlon Energy  SUZL.NS  rise 3.5% to 68.6
rupees
    ** SUZL among top gainers on Nifty Midcap 100 index
 .NIFMDCP100 , which is up 1.68%
    ** Renewable energy equipment maker said it approved
acquisition of 76% stake in Renom Energy Services for 6.6 bln
rupees (~$79 mln)
    ** Acquisition provides SUZL strong head start into
multi-brand operations and maintenance service, with Renom being
market leader with 2.5GW of contracted capacity - Morgan Stanley
    ** Avg rating of five analysts is a "buy"; median PT is 70
rupees - LSEG data
    ** Stock up 80% so far this year, compared to 22.3% rise in
midcap index

($1 = 83.9150 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))