Suzlon Energy, a leading renewable energy solutions provider, has recently seen significant stock value fluctuation. Although the company’s shares have provided substantial gains to investors in the past month, there have been a few ups and downs.
Recent Stock Trends
On June 19, 2023, Suzlon Energy’s shares traded at INR 14.25, reflecting a 2% decrease. The stock further fell to INR 13.35, a 1.85% drop on June 23, 2023. Suzlon Energy’s stock reached a 52-week high of INR 15.76 on June 13, 2023, compared to a 52-week low of INR 5.43 on July 28, 2022.
Reasons for Share Price Increase
Suzlon Energy’s stock surge is primarily attributed to the new orders the company started receiving from May 2023. This robust order book has fostered the company’s stock growth. In the financial year 2023, Suzlon’s market capitalization was INR 1,100 crore. For the first time in nearly a decade, the company reported a positive net worth.
Additionally, Suzlon’s net debt saw a substantial reduction of 80%. After a six-year gap, the company achieved a net profit of INR 166.7 crore in the last financial year. Suzlon Energy has made substantial strides in consolidating its robust balance sheet and reducing debt.
Projections and Recommendations
MK Global has stated that Suzlon Energy’s significant debt reduction, due to successful rights issue and refinancing, has been beneficial for its stock. Experts project that Suzlon Energy’s shares might rise to INR 18-30 within the next 2 to 8 months. They recommend setting a stop loss at INR 7.30 while investing in the stock.
Suzlon Energy, a renewable energy company, manufactures turbines for wind power generation. As always, investors should consult with their advisors due to market risks, and this company news on stock should not be regarded as buying tips.
