Suzlon hits 8-year high; up 197% so far in FY24
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Shares of Suzlon Energy zoomed 5 per cent, to a hit an 8-year high at Rs 23.49 on the BSE in Monday's intra-day trades backed by heavy volumes. The stock is now seen trading at its highest level since August 2015.
As of 09:35 AM; the stock quoted at Rs 23.35, up 4.3 per cent. The counter had seen trades of around 12.56 million shares so far on the BSE as against its 2-week average volume of around 34.52 million shares. In comparison, the S&P BSE Sensex was flat around 64,875 level.
The stock has been a distinct outperformer so far in FY24, up a whopping 197 per cent as against a 11 per cent gain on the BSE benchmark. In August alone, the stock has rallied over 24 per cent, even as the Sensex declined 2.5 per cent.
With today's gain, Suzlon is seen quoting nearly 34 per cent higher when compared with its Rs 2,000 crore Qualified Institutional Placement (QIP) issue price of Rs 17.55 per share.
Suzlon Energy is primarily engaged in the business of manufacturing, project execution and operation and maintenance service (OMS) of Wind Turbine Generators (WTGs) sale of related components of various capacities.
Recently on August 25, the company in an exchange filing said it bagged a large order for a 201.6 MW wind energy project from Teq Green Power XI, a part of O2 Power.
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 release added.
A day earlier, the company announced winning an order from Integrum Energy Infrastructure for the development of a 31.5-MW wind energy project. The company will install 15 units of S120140m wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each in Maharashtra and Karnataka.
Borkerage firm JM Financial Institutional Securities has initiated coverage on the stock, with a 'Buy' rating.
"With industry tailwinds in place, a deleveraged balance sheet and a robust order book, we expect a strong pick-up in Suzlon's performance going forward. We initiate coverage on the stock with a BUY rating and a September 202 target price of Rs 30 per share (based on a 25x Sept'25E EPS).", JM Financial said in a note.
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