113% Rally In 2024: Wind Energy Stock Likely To Hit Fresh TP Rs 90, Buy: Anand Rathi

Suzlon Energy shares today slipped over 3% on BSE to settle at Rs 82.00 per share. Suzlon Energy shares offered eye-catching returns of 884% in last 2-years and rose 113% so far this year. The company has a market capitalisation of Rs 1,11,848.53 crore. Earlier, it secured largest wind energy order of 1,166 MW from NTPC Green Energy Limited, the Renewables Arm of NTPC. Suzlon declared 4 dividends so far since February 3, 2006. Suzlon Energy conducted stock split once in the proportion of 1:5 in 2008. FII/FPI have increased holdings from 19.57% to 21.53% in June 2024 quarter. Check details here:

Suzlon Energy Acquires Renom Energy: The September 6, 2024 BSE filing of Suzlon said, "In continuation to our communication dated 6th August 2024, this is to inform that the Company has, on 6th September 2024, completed the acquisition of 51% of the equity share capital of Renom. With the said acquisition, Renom has now become a subsidiary of the Company."

Suzlon Energy Shares Performance: The The 52-week high price of Suzlon Energy share on BSE is Rs 86.04 per share (as on 12/09/2024) and 52-week low price is Rs 24.47 per share (as on 20/09/2023). Suzlon Energy shares gained 110% in last 6-months, rallied 237% in last 1-year, and offered return of 1285% in last 3-years.

Suzlon Energy shares offered return of 2818% in last 5-years.

Should You Buy Suzlon Shares? Brokerage firm Anand Rathi has recommended buy call to Suzlon shares with fresh target price of Rs 90 per share. The analyst has recommended investors to keep the stop loss at Rs 71.

Meanwhile, SAMCO Securities assigned buy call to Suzlon Ltd shares with target price of Rs 115. The analyst feels that the stock is likely to hit this target price of Rs 115 by year-end. The RSI of Suzlon is hovering near 88 indicating an overbought condition and bullish momentum stays intact on broader monthly chart.

Suzlon Energy Results: Suzlon Energy announced revenue from operations at Rs 2016 crore for the June 2024 quarter, up 50% as against Rs 1348 crore declared in the corresponding quarter of last year. EBITDA of Suzlon Energy for Q1 FY25 declared at Rs 370 crore, up 86% as compared to Rs 199 announced in Q1FY24. EBITDA margin for the quarter under review announced at 18.4% up from 14.8% in the year-ago period.

FII Stake: FII/FPI have increased holdings from 19.57% to 21.53% in June 2024 quarter. Number of FII/FPI investors increased from 574 to 652 in June 2024 quarter. Mutual Funds have increased holdings from 1.86% to 3.82% in June 2024 quarter. Number of MF schemes remains unchanged at 23 in June 2024 quarter. Institutional Investors have increased holdings from 25.88% to 30.69% in June 2024 quarter, according to Trendlyne.

About: With over 29 years of operational track record, the Group has a diverse workforce of over 6,200 employees. Suzlon is also India's No. 1 wind energy service company with the largest portfolio of over 14.7 GW in wind energy assets. The Group has ~6 GW of installed capacity outside India, according to its official website.

Disclaimer: The stock has been picked from the brokerage report of Anand Rathi and Samco. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.