Suzlon Energy shares hit 5% upper circuit, takes winning run to 4th day
Suzlon Energy hit a 5% upper circuit at Rs 26 in Wednesday's trade on BSE, taking their winning run to the fourth straight session as sentiment for the stock ran high.
Meanwhile, in the last four trading sessions, Suzlon Energy shares have surged over 20%.
Suzlon Energy also delivered multibagger returns to its investors, as the stock has rallied over 140% year-to-date. It has also jumped over 200% in the last six months and gained over 350% in the past two years.
Earlier last week, the firm announced a significantly large new order acquisition for its 3 MW series of wind turbines from Teq Green Power XI Private Limited, part of O2 Power Private Limited.
Suzlon will install 64 of its largest wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each for the 201.6 MW wind power project, the company said in an exchange filing.
Suzlon will supply the wind turbines (equipment supply) and execute the project including erection and commissioning.
Suzlon will also provide operation and maintenance services post‐commissioning, the company said on Friday.
Meanwhile, Domestic brokerage firm JM Financial initiated a 'Buy' rating on Suzlon Energy with a target price of Rs 30, which shows an upside potential of 16% from the current market price of Rs 25.9.
«With industry tailwinds in place, a deleveraged balance sheet and a robust order book, we expect a strong pick-up in the company’s performance going forward. We initiate coverage on the stock with a BUY rating (based on a 25x Sept’25E EPS),» JM Financial said.
In Q4FY23, the company posted a consolidated net profit of Rs 320 crore.
The company had posted a consolidated net loss of Rs 205.52 crore in the year-ago period. Its
. Read more on economictimes.indiatimes.com
