Suzlon Energy shares climb over 4% amid high volumes
Suzlon Energy climbed 4.2% to Rs 26.9 in Tuesday's trade on BSE backed by heavy volumes on the NSE. A total of 7,23,15,745 equity shares worth Rs 191.8 crore have changed hands so far.
At 10.53 a.m., the stock was trading 3.1% higher at Rs 26.6. Suzlon Energy has also delivered multibagger returns to its investors, as the stock is up nearly 150% year-to-date.
It has also jumped over 230% in the last six months and gained 350% in the past two years. Suzlon Energy has a market cap of Rs 36,132 crore.
According to the latest shareholding pattern, as of 30 June 2023, 14.5% of the company's shareholding is with promoters, 7.8% with FIIs, 0.7% with mutual funds, and 13.7% with institutions.
In Q1FY24, the company reported a consolidated net profit of Rs 101 crore. It was down 96% from Rs 2,433 crore reported in the corresponding quarter of last year.
Revenue from operations during the quarter also fell marginally to Rs 1,348 crore, compared with Rs 1,378 crore in the corresponding quarter last year. Revenues dropped 20% quarter-on-quarter.
Meanwhile, the company reported an EBITDA of Rs 207 crore during the first quarter of FY24, while margins came in at 15.4%.
As per Trendlyne data, the average target price of the stock is Rs 30, which shows an upside potential of 13% from the current market prices. The consensus recommendation from one analyst for the stock is a 'Strong Buy'.
Technically, Suzlon Energy's day RSI (14) is at 63.6.
The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at 1.1, which is above its center line, but below signal line. The stock stood higher than the 5-day, 10-day, 20-day, 50-day, 100-day and 200-day moving averages.
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