Suzlon Energy to consider raising funds on July 7, shares up nearly 9%

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₹8.20 to ₹18.37 apiece levels, delivering more than 100 per cent return in this time. In last one month, this share has risen from around ₹11 to ₹16.80 apiexe levels, logging near 50 per cent rise in this period. However, ICICI Securities seems more upside in Suzlon Energy shares.

Giving 'buy' tag to Suzlon Energy shares, the brokerage said, "The Indian power grid needs more wind in its mix. The need to enhance wind capacity addition (post subdued activity in the recent past) has finally dawned upon the stakeholders. Grids are looking for a solution to meet demand effectively while containing carbon emissions.

The supply of renewables can be increased by setting up a mix of wind, solar and battery storage capacities. Optimal solutions for the grid to meet demand by using renewables includes higher wind in the mix (of ~8GW per annum) led by the complementary nature of generation and cost curves of the wind." Renewable energy solution provider Suzlon posted a consolidated net profit of ₹319.99 crore for the March 2023 quarter, mainly due to lower expenses. The company reported a consolidated net loss of ₹205.52 crore in the quarter ended on March 31, 2022, a BSE filing showed.

Its total income from operation dipped to ₹1,699.96 crore in the quarter from ₹2,478.73 crore a year ago. The total expenses of the company also declined to ₹1,628.39 crore in the quarter from ₹2,511.70 crore. It has also posted a consolidated net profit of ₹2,887.29 crore for the full fiscal 2022-23.