Shares of Suzlon Energy Ltd rose over 4% in early trade today as the green energy firm will be included in the S&P BSE Power index. Suzlon Energy stock opened at Rs 41.05 today, higher than the previous close of Rs 39.42 on BSE.
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The stock has lost 8.56% from its 52 week high of Rs 44 hit on November 17, 2023. Suzlon Energy shares fell to a 52-week low of Rs 6.96 on March 28, 2023. In the current session, Suzlon Energy shares gained 4.5% to Rs 53,622 crore on BSE. Total 20.01 lakh shares of Suzlon Energy changed hands amounting to a turnover of Rs 8.12 crore on BSE. Suzlon Energy’s market cap rose to Rs 54,273 crore on BSE.
Suzlon Energy shares have a beta of 0.4, indicating low volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 58.1, signaling it’s trading neither in the overbought nor in the oversold zone. Suzlon Energy stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
In November, Morgan Stanley Capital International included Suzlon in its MSCI Global Standard Index, along with eight other stocks. After several years of consolidation, the stock has turned into a multibagger in the current financial year. It has zoomed 264% in the last six months and risen 322.52% in a year. In 2023, the Suzlon stock has rallied 272.85%.
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The company‘s consolidated net profit came at Rs 102.29 crore, up 78.11 per cent in Q2 from Rs 57.43 crore in the year-ago period. Revenue from operations fell 0.92 per cent to Rs 1,417.21 crore in Q2 FY24 from Rs 1,430.38 crore in the corresponding period last year.
On a standalone basis, the company reported a net loss of Rs 5.36 crore in Q2 FY24 as against a profit of Rs 4.40 crore in the same period a year ago.
The company said it logged a higher EBITDA owing to healthier margins. At the end of September quarter, Suzlon Group’s order book stood at a healthy 1,613 MW with a fair split between the S120 and S144 turbine orders, thereby giving the company a sustainable supply pipeline to work with.
Meanwhile, BSE and NSE have placed the securities of Suzlon Energy under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put shares in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
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Suzlon Energy is a provider of renewable energy solutions. The company is a producer of wind turbines. It offers a range of solar energy solutions, such as solar irradiance assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commission and life cycle asset management.
