Suzlon Energy has been making headlines with its stock price experiencing significant fluctuations. On October 7, 2024, Suzlon’s share price dropped by 5.01%, reflecting broader market trends and specific corporate activities. Despite this decline, the company remains at the forefront of India’s renewable energy sector with recent major wins, including substantial contracts and strategic acquisitions.
Suzlon Energy’s Price Performance
As of October 7, 2024, Suzlon Energy’s share price stands at ₹70.93, a sharp 5.01% drop from the previous trading day. This comes after a period of growth where the stock reached a 52-week high of ₹86.04 on September 12, 2024. However, global market cues, combined with governance issues, have recently caused the stock to slide.
- Today’s Price: ₹70.93
- Opening Price: ₹75.64
- High: ₹76.49
- Low: ₹70.93
- Market Cap: ₹96,800 crore
- P/E Ratio: 111.28
- 52-Week Range: ₹26.30 – ₹86.04
Major Corporate Developments
One of the major drivers for Suzlon’s earlier stock rally was its win of a 1,166 MW wind energy project from NTPC Green Energy, marking a significant step in the company’s recovery. This project, involving the installation of 370 wind turbine generators (WTGs), is expected to improve Suzlon’s earnings and enhance its market position in FY26-27.
Additionally, Suzlon recently acquired a 51% stake in Renom Energy Services for ₹400 crore, further strengthening its operational capabilities in the renewable energy sector.
Key Developments:
- 1,166 MW Wind Energy Project: 370 wind turbine generators, enhancing Suzlon’s order book.
- Acquisition of Renom Energy Services: Strategic 51% stake acquisition worth ₹400 crore.
Market Sentiment and Analyst Reactions
Analysts have responded positively to these developments. Morgan Stanley upgraded its rating on Suzlon to “overweight,” reflecting optimism about the company’s future performance. ICICI Securities also raised its target price for Suzlon to ₹80, supported by improved fundamentals, recent asset sales, and acquisitions.
Analyst Ratings:
- Morgan Stanley: Overweight rating
- ICICI Securities: Target price ₹80
Trading Volume and Governance Concerns
Suzlon has seen robust trading activity with 13.94 crore shares exchanged on peak trading days, indicating strong investor interest. However, the company has faced scrutiny regarding its corporate governance practices, especially after receiving warning letters from the NSE and BSE related to disclosures about an Independent Director’s resignation.
Key Governance Issues:
- Resignation of Independent Director: Concerns over insufficient corporate governance.
- Impact on Stock: A 4% dip on October 3, following governance-related news.
Current Market Overview and Outlook
As of today, Suzlon Energy remains volatile amid global market movements. The broader market trend, influenced by both domestic and international factors, could further impact the stock’s performance in the short term. Investors are keeping a close watch on how Suzlon navigates its governance issues and capitalizes on its recent order wins and acquisitions.
Summary Table
| Key Metrics | Details |
|---|---|
| Current Price | ₹70.93 (-5.01%) |
| Opening Price | ₹75.64 |
| High Price (October 7, 2024) | ₹76.49 |
| Low Price (October 7, 2024) | ₹70.93 |
| Market Cap | ₹96,800 crore |
| P/E Ratio | 111.28 |
| 52-Week High | ₹86.04 |
| 52-Week Low | ₹26.30 |
| Recent Project Win | 1,166 MW wind energy (NTPC) |
| Acquisition | 51% stake in Renom Energy |
| Target Price (ICICI Securities) | ₹80 |
| Major Governance Issue | Independent Director resignation |
Something went wrong. Please refresh the page and/or try again.
