Suzlon shares continue bulltrend despite 350% rally in FY24. Buy, sell or hold?
Stock market today: Shares of Suzlon Energy Limited has been in uptrend after ushering in new financial year 2023-24. Suzlon shares bottomed out at ₹7.05 apiece levels on NSE at the end of March 2023 and since then its has been rising continuously. Suzlon share price today opened with an upside gap and hit intraday high of ₹32.80 apiece lveles, logging over 350 per cent rise in current financial year.
However, stock market experts believe that the energy stock still has some steam left. According to stock market experts, Suzlon shares are in uptrend after the announcement of debt reduction. They said that recent receipt of order has strengthened company's order book as well.
They said that Suzlon shares are facing hurdle at ₹35 levels and on breaching this hurdle it may go up to ₹40 apiece levels in near term. On why Suzlon share price is skyrocketing these days, Rajesh Sinha, Sr. Research Analyst at Bonanza Portfolio said, "Rally in Suzlon shares is majorly driven by its debt reduction plan, recently received a significant order for a wind energy project and has been recommended as a buy by some brokerage firms." RIL share price rises 2% after Q2 results On other fundamental triggers that have played an important role in fueling Suzlon Energy share price, Rajesh Sinha of Bonanza Portfolio said, “Suzlon Energy Ltd has enjoyed a market share of 33 per cent in India’s domestic market (based on total installations).
It has 20 GW of operational wind power capacity globally and is well ahead of its competitors. Its existing orderbook at 1.5 GW augurs well for execution through the next 2 years. In August 2023, Suzlon Energy bagged a large order for a 201.6 MW wind energy project from Teq Green Power XI, a part of O2 Power."
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