Shares of Suzlon Energy Ltd jumped for the fourth straight day on Wednesday, as the MSCI included the stock to its Global Standard index, much in line with expectations. The move, as per estimates by Nuvama, is seen bring in $289 million in passive inflows. This would be the second highest inflows due to the MSCI balancing, after IndusInd Bank’s estimated $355 million inflows.
Read More: Tax Clampdown: Apple, Amazon, and Google Face Rs 5,000 Crore Demand Over THIS Dispute
The Suzlon Energy stock hit a 52-week high of Rs 40.50 on BSE, up 4.81 per cent. he scrip has gained 8.52 per cent in the four-day rise. The MSCI rejig will be effective from November 30 and is seen adding $1.5 billion in passive inflows to India.
Suzlon Energy shares are up 44 per cent in the last one month and 392 per cent in the past six months. In October , mutual funds sold 13.36 crore Suzlon Energy shares amounting to Rs 410 crore, trimming their stake in the renewable energy solutions provider to 49.53 crore shares at the end of October from 62.89 crore at the end of September. The stock gained 18.60 per cent in October and is up 32.37 per cent in November so far.
Read More: Stocks to watch: Adani Green Solutions, Grasim Industries, Manappuram Finance, ASK Automotive
The stock is up as Suzlon Energy reported a 78 per cent YoY surge in the second quarter profit at Rs 102.29 crore against Rs 57.43 crore in the corresponding quarter last year. Sulzon Energy said its sales was down about 1 per cent for the quarter at Rs 1,417.21 crore.
