Energy Stock Bags New Order, Buy For TP Rs 58; Shares Rise 299% In 1-Year: Nuvama

Suzlon Energy Ltd today declared via its BSE filing about new order win for the development of an 81.9 MW wind energy project for Oyster Green Hybrid One Private Limited. Suzlon will install 26 Wind Turbine Generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each at the client's site in Agar in Madhya Pradesh. Current market price of Suzlon Energy share on BSE is Rs 47.62 per share with intraday gain of 4.98%. Suzlon Energy share offered eye-catching returns of 299% in last 1-year only.

FII/FPI have increased holdings from 17.83% to 19.57% in Mar 2024 qtr. Number of FII/FPI investors increased from 464 to 574 in March 2024 quarter. Mutual Funds have increased holdings from 1.33% to 1.86% in March 2024 quarter. Number of MF schemes increased from 17 to 23 in March 2024 quarter, according to Trendlyne. More details below:

Suzlon Energy Share Performance: The 52-week high price of Suzlon Energy share on BSE is Rs 50.72 per share (as on 02/02/2024) and 52-week low price is Rs 10.86 per share (as on 02/06/2023), respectively. The company has a market capitalisation of Rs 64,781.59 crore. Suzlon Energy Ltd share offered return of 22% year-to-date, soared 15% in last 6-months, gained 299% in last 1-year, and jumped 496% in last 2-years.

Should You Buy Suzlon Energy Share? Brokerage firm Nuvama Institutional Equities has recommended buy call for Suzlon Energy share with target price of Rs 53 per share. According to the analyst, Suzlon Energy is the market leader in WTG market with a 30% share and among the only two wind EPC suppliers in India. Its growth visibility is supported by industry tailwind of 12-14 GW TAM annually, technological edge, high-margin O&M services and balance sheet.

Meanwhile, Anand Rathi has also suggested buy call with target price of Rs 58 per share.

Suzlon Technical: Score is 66.2 indicating the stock is technically moderately strong. Stocks with score between 60 and 70 are considered as technically Moderately Strong. RSI is 58.0, RSI below 30 is considered oversold and above 70 overbought. MFI is 74.0, MFI above 70 is considered overbought. This implies that stock may show pullback.

Suzlon Energy Dividend & Stock Split History. Suzlon Energy Ltd. has declared 4 dividends since February 3, 2006. Suzlon Energy split the face value 1 time since January 21, 2008. Suzlon Energy last split the face value of its shares from Rs 10 to Rs 2 in 2008.The share quoted ex-split as on January 21, 2008. Suzlon Energy never declared any bonus share so far.

Suzlon Bags New Order: This order is for the company's larger rated 3.15 MW, S144‐140m turbines from the 3 MW product series. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project including erection and commissioning. Suzlon will also undertake comprehensive operations and maintenance services post‐commissioning.

Vivek Srivastava, Chief Executive Officer, India Business, Suzlon Group, said, "We are happy to announce our first order with Oyster Green Hybrid One Private Limited, an Indian Independent Power Producer (IPP) of great repute. We welcome Oyster to the Suzlon experience and thank them for trusting in our leading technology and comprehensive capabilities throughout the wind energy value chain."

Suzlon Energy 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 Nuvama and Anand Rathi. 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.