Suzlon Energy share price plunges over 5% today after rallying for 5 sessions straight
Suzlon Energy Ltd. share price snapped their five-day gaining streak by falling over 5.4% on Monday’s trading session amid weak market sentiment. On November 20, the Suzlon stock opened at ₹42.
50 per share in the morning, however, fell to ₹40.20 during the intraday session on NSE. Suzlon share price has gained nearly 28.4% in November this year after the news of its potential inclusion in AMFI's midcap category during the January reshuffle. Additionally, another factor contributing to last week's rally was the anticipation of Suzlon Energy being added to the MSCI Global Standard Index in the upcoming reshuffling on November 15.
The renewable energy stock was officially incorporated into the index last week. The stock, which closed at ₹42.30 on Friday last week, fell to a 52-week low of ₹6.96 on March 28, 2023 and rose to a 52-week high of ₹44 on November 17, 2023 on BSE. Suzlon Energy's stocks have experienced an impressive surge in the last year.
The stock price has surged by 50% in the last month alone and has more than doubled over the past three months. Year-to-date, Suzlon shares have soared by over 296%, and the one-year growth stands at an astounding 418%. Meanwhile, the wind turbine manufacturer reported a 45% year-on-year (YoY) increase in its net profit, reaching ₹102 crore in the second quarter of FY24.
Although the company's revenue in Q2FY24 experienced a slight decline, dropping to ₹1,417 crore from ₹1,430 crore in the corresponding period last year. JM Financial, a brokerage firm, anticipates Suzlon Energy to achieve a Compound Annual Growth Rate (CAGR) of 38% in revenue and 43% in EBITDA from FY23 to FY26. The brokerage has adjusted its projections for FY25 and FY26 upward, citing robust order inflow,
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